Zia Supports Proposal Of Trade, Investment In Local Currency To Overcome Dollar Crisis

Zia supports proposal of trade, investment in local currency to overcome dollar crisis

PESHAWAR, (UrduPoint / Pakistan Point News - 27th Dec, 2022 ) :Director Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI), Zia-ul-Haq Sarhadi has supported a proposal of making trade and investment in local Currency to overcome dollar crisis in the country.

In a press statement issued here on Tuesday, Zia Sarhadi termed the suggestion made by Chairman Exchange Companies of Pakistan, Malik Bostan as timely and need of the hour.

Malik Bostan while addressing a press conference in Karachi had also urged investors and exporters to do business in local currency.

Zia said presently, an hefty amount of dollar two billion are being smuggled to Afghanistan on monthly basis, creating a very difficult situation for businessmen in Pakistan.

He advised Federal Minister for Finance, Ishaq Dar to end the condition of trade with Afghanistan in Dollar and allow opening of Letter of Credit (LC) and trade with neighboring country in local currency.

He also endorsed the suggestion of Malik Bostan of imposing restriction on banks from transferring more than one hundred thousands Dollars abroad on annual basis. The government shoul take measures for reduction of imports for saving dollars in the country, he proposed.