He refused to divulge the names of people and institutions that were bringing in hot foreign money, terming the information “confidential”. The parliament’s accountability arm had called him to appear and explain the reasons behind high interest rates and growing size of hot foreign money. The governor also spoke at length about inflation, hot foreign money, high interest rates and exchange rate policy. “High interest rates are adversely affecting manufacturing in Pakistan,” remarked Pakistan Peoples Party Senator Sherry Rehman. He ruled out the possibility of risks to economic stability from any sudden outflow of hot foreign money.

Source: The Express Tribune March 04, 2020 02:48 UTC