Asad Umar rules out possibility of rupee devaluation

KARACHI: Finance Minister Asad Umar on Friday ruled out the possibility of further rupee devaluation, saying the State Bank has declared that the currency was stable now.

Addressing a ceremony at Pakistan Stock Exchange in Karachi by video link from Islamabad, he said work on National Finance Commission has also been started.

He said the incumbent government has taken various difficult decisions in the larger interest of the country.

Asad Umar rejected that the issue of the exchange rate level was discussed with the IMF. 

He advised the people not to spread rumors and waste money by purchasing dollars.

He said the government has taken some tough decisions. "Change is usually not liked. It can also cause destruction but we have to go along with the world and introduce the phase-wise change.