ISLAMABAD - The International Monetary Fund (IMF) on Thursday clarified that there was not any agreed target level for the exchange rate under its Extend Fund Facility (EFF) programme with Pakistan. The IMF, in a tweet, said the exchange rate was market determined. The recently published Staff Report on Pakistan included exchange rate assumptions, which were not predictions.

“The published Staff Report on Pakistan includes exchange rate assumptions which are not predictions. Under the IMF-supported programme there is not agreed target level for the exchange rate, which is market determined,” the tweet read.

The report had mentioned that a flexible, market-determined exchange rate would help  restore competitiveness, rebuild official reserves, and provide a buffer against external shocks.