Former Finance Minister Mufta Ismail also expressed concern on his X account. Highlighting the limits of administrative controls, he said: “Right now the SBP is forcing commercial banks to sell dollars at Rs282/283 and incur a loss of Rs7 or so for each dollar. But this scheme too will fail, and the rupee will devalue again,” he said. He added that historically, Pakistan’s rupee has devalued about 7—8% annually over the past 40 years, with policymakers repeatedly trying to hold the rate artificially before sudden large corrections. “It is better to let the market drive the rate and create conditions that maintain the rupee’s strength,” Ismail said, citing inflation control, higher productivity, increased exports, fiscal discipline, and restrained money printing as key factors.
