The projected the economic growth rate at is slightly higher than the nine-year low of 3.3% recorded in the preceding fiscal year 2018-19. He said that bulk of the needed adjustments in rupee-dollar exchange rate and key interest rate are seemed done. “The bulk of the needed adjustment in the real effective exchange rate to address the past overhang of overvaluation has been completed with the recent deprecation of the exchange rate,” Baqir said. The central bank has increased the key interest rate by 7.5% since January 2018. “The interest rate hike will help control dollarisation in the economy.

Source: The Express Tribune July 16, 2019 11:23 UTC