ISLAMABAD – Islamabad Chamber of Small Traders (ICST) on Monday said ImranKhan’s victory has reversed the trend of dollarisation of the economybefore taking control of the government which is highly laudable.
The retreat of US dollar and strengthening rupee indicate confidence ofmasses and business community in the incoming Prime Minister Imran Khan andhis team, it said. The fall of the dollar can be attributed to the highexpectations of the business community, bright outlook, stability of themarket, and highly improved political environment, said Patron IslamabadChamber of Small Traders Shahid Rasheed Butt.
He said that continued appreciation of rupee will reduce foreign debt bytens of billions of rupees, reduce prices of many necessities at home andsend a very positive signal to the international community.
Shahid Rasheed butt said that in the money market ninety per cent peopleare selling dollars while only ten percent are buyers which has added tothe worries and stockpile of US currency with currency dealers.
If the appreciation of rupee continued then it will benefit the economy andthe masses as it will reduce inflation as the policy of depreciating rupeeto boost export is good for nothing, therefore, it should be dumped, hedemanded.
He noted that the stock market is also buyout and that if the newgovernment could manage at least 10 billion dollars from any other sourcethan IMF, it will be a great accomplishment.
The business leader said that a lot of borrowing took place during the lastten years which was wasted to mismanagement as production capability orquality of goods could not be improved.
This is the reason exports could not be improved substantially despitepackages and other efforts by the former governments. He said that Pakistancurrency will remain under threat as far as Pakistan goods fail to competewith the products of competing nations while masses will pay the price. Thegovernment should not consider imposing financial emergency or introducingmini-budget and it should extend the tax amnesty scheme.