Pakistan Business Council makes startling claims over Rs 900 billions money stashed outside banks in Pakistan
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The Pakistan Business Council has claimed that around 900 billion rupees ($5.3 billion) are stashed outside banks by people in the country, leading to speculation in the dollar and gold markets.
In a statement, the Pakistan Business Council stated that there is an increasing trend among overseas Pakistanis to send currency to Pakistan through remittances. The restrictions on income have also been lifted before time, resulting in increased pressure on the Pakistani currency.
The Pakistan Business Council mentioned that the cotton crop in the country is doing well. After the ban on India's rice exports, there is an increased demand for Pakistani rice from India. This could lead to an exchange of up to three billion dollars by exporting it.
The plea highlights the need for stronger regulatory measures to prevent capital flight and promote economic stability in Pakistan. It suggests that addressing the issues related to remittances and trade balance can help alleviate the pressures on the Pakistani currency and contribute to the country's economic growth
