July 07, 2017
President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Friday lauded Finance Minister reversing record exchange rate erosion without any delay.
The business community highly appreciates timely intervention by the finance minister otherwise its cost would have been overwhelming for the economy, masses and the business community, he said.
Mian Zahid Hussain said that yesterday dollar jumped close to Rs.110 in the open market within few hours but it lost its value due to timely intervention of the authorities and now it is being sold at Rs.106 to Rs.107.
He said that now the government should find the elements who took such a negative decision to artificially boost the value of the dollar and try to calm the markets which were in a state of shock and panic.
The central bank said that erosion in the exchange rate was necessary to boost exports, reduce trade deficit and meet the challenges on the economic front but it failed to realise that it would have reduced growth rate and added Rs.230 billion to the repayable loans.
The Business Leader said that no individual should have the authority to take such major decision which results in a crisis of such a magnitude while those who tool such an irrational move should be held responsible.
Moreover, the move would have taken a toll on the masses and small traders who deposit their savings and the banks, he added.
Mian Zahid Hussain said that finance ministry and the central bank should not differ on the exchange rate as the ultimate loser would be the economy.
He demanded that government should ensure pre-slide value of Rs.104.90 per US dollar remains intact. Efforts are needed to be done to increase exports so trade deficit could be reduced.
