KARACHI: The Pakistan Economy Watch (PEW) has expressed concern over thesteady fall in the exchange rate, saying that depreciation in Pak Rupee isdragging the masses and the economy down.
“The rupee has been constantly losing its value for the last nine days,which, if continued, will not only hurt the masses but also will hitbusinesses across the country,” said PEW President Dr Murtaza Mughal in astatement released on Tuesday. “The freefall of rupee will triggerinflation, hit developmental projects, deter local and foreign investmentand add to foreign loans as well as uncertainty.”
He alleged that some elements are trying a 30pc erosion in the value ofrupee which would boost the value of one dollar to Rs180, adding that thegovernment should not listen to such elements who want to benefit from thesituation.
He noted that during the last one year, Pak rupee has been devalued by 35pc“but the cited objectives could not be achieved”.
“All we saw was a little reduction in trade deficit and an insignificantgrowth in exports. Failed experiments of the past should not be repeated asit will not only result in political and economic turmoil but will also hitthe credit rating of the country,” he added.
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Dr Mughal asked Prime Minister Imran Khan to reject the summary of thePetroleum Division which has asked for a hefty hike in the tariff ofnatural gas, as “it will take a toll on masses, economy, and exports”.
The gas companies should stop burdening the masses for theirinefficiencies, corruption, and losses and try to put their own house inorder, he concluded.
