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Businessmen not confident over Dar’s claim

Businessmen not confident over Dar’s claim

ISLAMABAD: Business community has shown lack of confidence over the government’s claim that dollar will lose its value against the Pakistani rupee soon.

Until and unless the government introduced long term reforms in macroeconomic and tax policies, the rupee was unlikely to strengthen against the dollar appreciably, they maintained.

Rawalpindi Chamber of Commerce and Industry President Mazhar Khursheed Sheikh has said that the government wanted to attract investment in the country, however, it should create a conducive environment for building business community confidence first. This includes resolution of energy crisis to boost economy, industrial output and exports altogether, he said. After this, if the local currency is stabilised against the dollar, people would prefer to do business in local currency.

Islamabad Chamber of Commerce and Industry President Shaban Khalid while expressing doubt over Finance Minister’s statement said that appreciating rupee would be difficult and rather the government should focus on stabilising the market to stop it from further eroding in value. He also said that Pakistan’s foreign currency reserves have depleted to less than $3 billion. Under such circumstances it is unlikely that dollar would come down to 98 rupees.

Chairman Pakistan Apparel Forum (PAF) Javed Balvani said that the country had got the GSP plus status which would result in increasing exports. The government was looking to this as a means to build foreign reserves which might help stabilize the local currency against the dollar, Balvani maintained.