Commercial banks have blackmailed govt: Shaukat Tarin

KARACHI:– Adviser to the Prime Minister on Finance Shaukat Tarin said on Wednesday that the interest rates on T-bills have been misused and commercial banks have blackmailed the government.

Speaking exclusively in Dunya News program “Dunya Kamran Khan Kay Sath” on Wednesday, he said that it cannot be said that the foreign exchange rate has not been manipulated.

The adviser while issuing a warning said that the government doesn’t want to suspend open market operations. “Do not force us, we have other options,” he said.

Tarin went on to say that the demand for dollar in the open market is high due to Afghan trade and the pressure of open market affects the interbank market.

He said that we have finalised a good programme with the IMF. Inflation, trade deficit is the same issue. He further said that we are trying not to put too much burden on the lower class.

Shaukat Tarin said that there is a misconception that due to IMF prices will go up and added that global coal, steel and oil prices have gone up while tariffs are rising because of capacity payments.