Economics
Pakistan Plans to Curb Central Bank's Power to Manage Currency
- Pakistan seeks central bank to report adjustments to panel
- Move comes after fifth rupee devaluation roiled markets
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Pakistan’s government plans to make the central bank report any planned currency adjustments to a committee, a move seen to curb the regulator’s independence as the nation negotiates an International Monetary Fund bailout.
On Friday, the State Bank of Pakistan weakened the rupee for the fifth time this year and raised the key interest rate -- roiling the stock market. Prime Minister Imran Khan told reporters on Monday that he found out about the devaluation through press reports and that the planned committee will help the central bank smooth currency volatility.