KARACHI: The Government of Pakistan clarifying their decision not to devaluate the Pakistan rupee stated in a Press communique on Wednesday [Sept 21] that it would serve the best interests of the economy ... and its development which is so vital to the improvement of the standard of living of the masses. The communique emphasised that the position of the balance of payments is not such as to necessitate devaluation, nor do Pakistan exports, which consist almost entirely of raw materials, admit of any appreciable expansion.

The Press communique adds: The Govern­ment of Pakistan have given most careful consideration to the situation arising out of the decision taken by the ... United Kingdom to devalue the pound sterling and similar action taken by a number of countries. After weighing all the relevant factors, the Government have come to the conclusion that it would be in the best interests of the country as a whole not to devalue the Pakistan rupee.

[The staff correspondent from Karachi adds:] Pakistan’s decision not to devalue her rupee received warm acclaim throughout the country... .

Published in Dawn, September 22nd, 2024