ISLAMABAD
President Pakistan Businessmen and Intellectuals Forum (PBIF), Senior Vice Chairman of the Businessmen Panel of FPCCI and Former Provincial Minister Mian Zahid Hussain on Friday lauded Finance Minister Ishaq Dar for reversing the 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 the 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 should also 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 the 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 took such an irrational move should be held responsible.
Moreover, the move may also have taken a toll on the masses and small traders who deposit their savings in 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 that the 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, he added.
