KARACHI: Parliament yesterday [March 30] sanctioned the issue of Rs 53,84,00,000 worth of Pakistan Government securities to the State Bank of Pakistan, to offset the depreciation in the value of the sterling and Government of Bharat securities held by the Bank, consequent on the devaluation of the pound sterling and the Bharati rupee.

The demand was included in the supplementary demands for grants for the current year involving a total sum of Rs 59,50,11,000 voted by Parliament yesterday. There was no opposition to the supplementary demands.

The revaluation of the sterling and Government of Bharat securities held by the State Bank, the Finance Minister explained, meant a loss in terms of dollars. But it did not involve “any real loss” of foreign exchange or purchasing power expressed in sterling or other devalued currency, he said. Mr Abul Kasem Khan, speaking on the demand for payment to the State Bank, questioned the advisability of holding vast securities in Bharat or any other foreign currency. He said Pakistan would not have suffered any loss if the securities were not foreign.

Published in Dawn, March 31st, 2025