Fall in PKR rates: Businessmen Panel official seeks remedial steps

KARACHI: Former chairman of FPCCI Standing Committee on Agriculture and Businessmen Panel secretary general (Federal) Ahmad Jawad said despite government has made substantial steps to recover current account deficit and for that masses paid a handsome price but we didn't witness the correction in PKR against dollar. Does the current exchange rate @165 shall continue even in next two years of the incumbent tenure or people may witness a sharp recovery?

Speaking at a webinar on the stability of economy, he said looking at the currency rates of Afghanistan and Nepal, we feel ashamed despite we are a nuclear power. This parity of dollar ruined common man life. Every product has jumped to 100 percent increase already. He questioned where we are going on.

Driven by the IMF which is funded by rich countries and enforced by their so-called structural loans given to impoverished ones that carry mandates to devalue or float their currencies, this reverse flow of wealth has been going on for centuries, first through direct colonialism and now through exchange rate mechanisms.

Copyright Business Recorder, 2020