Pakistan Rupee Slumps to Record as IMF Bailout Urgency Grows
- A more market-driven currency may help Pakistan secure IMF aid
- Money exchangers removed limit on exchange rate in open mark
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Pakistan’s currency tumbled to a record low as the crisis-stricken government relaxed its grip to win much-needed loans from the International Monetary Fund.
With $6.5 billion of IMF lending stalled and a debt default on the horizon, the decline in the currency indicates Prime Minister Shehbaz Sharif’s resolve in winning approval for the much-needed funds. The central bank this week also raised interest rates to a 24-year high to fight surging prices.