No target agreed with Pakistan on exchange rate: IMF

In the aftermath of speculations regarding further steep decline of PKR against USD, the IMF has come forward and stated that there has been no agreement on exchange rate target under the Fund program. Pakistan and the IMF have agreed to move towards a market-based flexible exchange rate from earlier managed exchange rate as the dwindling forex reserves do not provide space to the SBP to intervene into the market. The SBP will only intervene if it finds any speculative activities in the market.