SBP clashes with government on exchange rate drop

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The State Bank of Pakistan. Photo: SBP/Abbas Ali Khan

Pakistan’s central bank has publicly clashed with the minister of finance over a sudden drop in the rupee that appears to be a deliberate devaluation.

Having spent nearly two years at around 105 rupees to the dollar, the currency suddenly plunged on July 5, falling 3.1% to 108. Today (July 6) it reversed part of the movement, rising to 107 to the dollar.

Without directly claiming responsibility, in a statement on July 5 the State Bank of Pakistan (SBP) said it believed the new exchange rate

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