Federal Minister for Finance and Revenue Ishaq Dar has reiterated that theactual value of the Pakistani rupee is less than 200 against the greenbackand it will be brought down soon.
He said this while chairing a meeting with the heads of Forex ExchangeCompanies at State Bank of Pakistan Karachi on Saturday.
The meeting was attended by Governor State Bank Jameel Ahmed and otherofficers.
Giving the details of the meeting, Forex Exchange Companies Zafar Prachasaid that the meeting has issued a warning to US Dollar holders that thedollar will soon become cheaper. “Action should be taken soon against thosewho smuggle dollars again,” he added.
The finance minister said that soon the dollar will be seen weakening andthe rupee will be strengthened.
Zafar Pracha said that it was decided in the meeting that strict actionwould also be taken against those who make unauthorized purchases ofdollars.
The finance minister clearly said that any bank involved in the purchase ofdollars would not be spared under any circumstances, Zafar said.
Finance Minister said that the true value of the dollar was below Rs 200,Pasha said. He said that Dar told the meeting there were positiveindicators regarding the national economy.
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During the meeting, Forex Exchange Companies also made some importantsuggestions to the Finance Minister. It is suggested that import should belinked with export. If there are exports of 100,000 dollars, imports of200,000 dollars should be cleared instead, he said.
No permission should be given to commercial importers. Import ofcommodities and industrial needs should be allowed, Zafar Pracha added.
It is also suggested that exchange companies should be given the status ofthe export industry. Steps should be taken to increase remittances and thetrade policy between Iran and Afghanistan should be re-examined.
Ishaq Dar said that the first focus is to improve the economic situation.
After the economic situation improves, other issues will be the focus,Zafar Pracha concluded.
