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Tuesday, January 26, 1999

Pakistan may devalue rupee

ENS ECONOMIC BUREAU  
ISLAMABAD, Jan 25: Pakistan has hinted at a possible devaluation of its rupee and introduction of a dual exchange rate mechanism to minimise the adverse impact of post-nuclear test economic sanctions.

Finance minister Ishaq Dar told reporters here that his government was contemplating various measures like devaluation to minimise effect of sanctions on the economy following Pakistan's nuclear tests last may. Apart from a mild downward adjustment of the rupee, the government is also considering introduction of a dual exchange rate system to discourage non-essential imports while boosting exports, he said.

Copyright © 1999 Indian Express Newspapers (Bombay) Ltd.


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