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Talks between Pakistan and the IMF broke down late last year due to the IMF's demand for a significant increase in interest rate to contain inflation, hike in electricity and gas tariffs, adoption of a totally free exchange rate regime and ensuring primary fiscal balance.
"The government policy to reduce prices of basic goods was to assign official currency exchange rate to imports of basic goods, but some individuals abused this and sold the imported goods to the market for the free exchange rate," he said during a meeting with academic elites of Golestan Province, Trend reports citing IRNA.
The existence of a free exchange rate and freedom in transferring funds also contribute greatly.
In line with that 'conventional wisdom', the Central Bank completed the liberalisation of the capital account in April 2001, restating its commitment to a fully free exchange rate. In contrast to the expectation of 'importing stability', actually a recessive environment prevailed until 2003, led by a BER that was reinforced by a net outflow of domestic portfolio equivalent to 3% of GDP in 2002-2003.
Switzerland is convinced that the free exchange rate of euro against Swiss franc will help the SNB get rid of a burden of commitment that the country has afforded during and after the global economic crisis, he noted.
One economist told Reuters, "If the government rate becomes 17,000 rials to the dollar, the free exchange rate will become 26,000."
Turkey adopted free exchange rate regime and free capital movements."
Within the free exchange rate system adopted by the International Monetary Fund (IMF) member states.
Maybe, as pointed out earlier, a chapter based on relevant questions explaining why the Nepali rupee has of late been continuously devalued against the American dollar or what could possibly be the consequences for Nepal should the peg with the Indian currency be removed or for that matter would Nepal be better off with alternative modalities like a free exchange rate system etc.
The response of the banking sector to the free exchange rate system has been cautious.
In theory, Pakistan is practising a free exchange rate regime, but keeping in view the sensitive role that exchange rates play in an economy like ours, the central bank keeps the rupee in a certain rate-band to avoid volatility beyond control.