Business community urged to make transactions in rupees

5
2317
  • ‘People must refrain from propaganda and speculations and adopt legal way of currency transaction’

ISLAMABAD: Federation of Pakistan Chamber of Commerce and Industry (FPCCI) President Daroo Khan Achakzai has urged the business community to show a nationalist approach and make transactions in local currency instead of the US dollar so as to stabilise the Pakistani Rupee (PKR).

“In order to stop the prevalent currency crisis in the country, the government must take on board the business community for consultation and formulate a stringent strategy to end the crisis,” Achakzai told APP on Tuesday. “Electronic and print media should start an awareness campaign in this regard in order to guide the people.”

Replying to a question, he said, “We must learn from the currency crisis that had hit Turkey a few months ago, where the government and people addressed the issue with courage by buying more in the local currency.”

He said the people must not believe in propaganda and speculations and adopt the legal way of currency transaction and businesses.

The FPCCI president said the government was promoting ease of doing business to reduce the cost of doing business and to facilitate new businesses and investments as that was the only way to stabilise the economy.

Replying to another question, he said in order to reduce the trade deficit and address the balance of payment issue, “we need to avoid unnecessary import in the country”.

The FPCCI chief said instead of being brand consciousness, the people of the country need to promote the culture of buying local products as that could not only boost the local industry but could also increase job opportunities in the country.

5 COMMENTS

  1. The need to day is to encourage SME and local small business owners by giving tax benefits, loans, subsidies in duties to encourage exports. The only advantage of a weak PKR cheaper and higher exports. But ooops the Govt is a bit incompetent. Its okay maybe next time.

  2. Promote Nationalism and convince Pakistanis living abroad to send foreign currency in the country. A policy should be determined to regulate open market regarding foreign exchange likewise China.

  3. Promote Nationalism and convince Pakistanis living abroad to send foreign currency in the country. A policy should be determined to regulate open market regarding

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