Benefit Of Strengthened Rupee Should Be Transferred To Masses: Mian Zahid Hussain
Umer Jamshaid Published April 05, 2021 | 04:35 PM
Exporters should be insulated from the impact of a weak dollar, Remittances played a major role in firming up the rupee
Karachi (UrduPoint / Pakistan Point News - 05th April, 2021) Chairman of National Business Group of FPCCI, President Pakistan Businessmen and Intellectuals Forum and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Monday welcomed improvement in the value of rupee against the US dollar and demanded that its benefit should be transferred to the masses.
He said that strengthened rupee has added to the problems of exporters which should be tackled.
Mian Zahid Hussain said that increasing remittances have played a major role in firming up the local currency which has also reduced the current account deficit to satisfactory levels.
Talking to the business community, the veteran business leader said that government should try to keep the momentum in remittances in the remaining months of the current fiscal and the incoming year.
He said that dollar is now fourteen rupees cheaper, last year dollar was traded for Rs166.70 in the interbank which now it is being traded for Rs152.
76.
The introduction of Roshan Digital Account by SBP is also a good move as it has opened new avenues for investment by expatriates and so far they have invested 806 million dollars which is an achievement by the governor of central bank Dr.
Raza Baqir.
The business leader noted that dollar will slide to Rs150 if the momentum of remittances and investment in the Roshan account continued as Pakistan received remittances worth $18.743 billion from July 2020 to February 2021 which were 24.1 percent more than the corresponding period.
He said that 500 million dollars loan from IMF and $2.5 billion Euro bond auction will not only increase debt burden and create an issue of balance of payments but also strengthen the rupee.
Some experts are of the opinion that remittances may not support the rupee for long therefore the government should tackle issue of reduced exports of goods and services and increasing imports, he said.
Related Topics
Recent Stories
PTI to stage nationwide protests against alleged electoral frauds
Senate continues discussion on Presidential address to Joint Sitting of Parliame ..
Masood Khan calls for Pak-US cooperation for regional peace
Interior Minister starts Margalla Trail Patrol for security
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
Today Gold Rate in Pakistan 26 April 2024
ICC Womens T20 World Cup Qualifier, Match 2: Ireland Women open with Comfortable ..
Robinson, bowlers help New Zealand go 2-1 up against Pakistan
Shahzeb Chachar to hold khuli kachehri on April 26
Heatwave amid Israel's aggression in Gaza brings new misery, disease risk
Tourism must change, mayor says as Venice launches entry fee
Court adjourns Judicial Complex attack case till May 17
More Stories From Business
-
Shipping Activity at Port Qasim
57 minutes ago -
Machinery equipment assembling grew by 70.98% in 08 months
2 hours ago -
Gold rates up by Rs.2,500 per tola to Rs245,000
2 hours ago -
Miner Anglo American rejects BHP's $38.8 billion takeover bid
3 hours ago -
Exchange rates for currency notes
5 hours ago -
Foreign exchange rates
5 hours ago
-
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 26 April 2024
6 hours ago -
Today Gold Rate in Pakistan 26 April 2024
6 hours ago -
Chinese minister felicitates Ahsan Iqbal on reappointment as Planning minister
15 hours ago -
Pak-US officials engage to enhance trade, investment ties
16 hours ago -
Stocks fall as tech shares sink, US economy slows
17 hours ago -
Higher taxes, awareness help decrease cigarettes sale in Pakistan
18 hours ago