State Bank of Pakistan Governor Reza Baqir has defended the rupee devaluation saying it benefited overseas Pakistanis and claimed that inflation in Pakistan was artificial. His statement comes as the PTI government forms price control committees and mulls a targeted subsidy on petrol. Reza Baqir spoke to journalists in Manchester in the UK. He said inflation in Pakistan is artificial and will be controlled soon. Baqir said rising exchange rates had pushed up prices in Pakistan. However, in the same breath, the SBP governor defended the rupee devaluation, saying it benefited overseas Pakistanis.