A secret deal with the IMF has made rupee one of the world’s worst-performing currencies while paving way to the dollarization of the economy, said Murtaza Mughal, President PEW. Talking to President IWCCI Farida Rashid, he said that the continuous fall in rupee value has been multiplying the cost of living and cost of doing business.
He said that greenback value against the rupee was Rs59 in Dec 2001, it was Rs98 in Dec 2012 and now it is around Rs105 which proves failure of the successive governments.
At the occasion, Farida Rashid said that IWCCI had proposed simple and implementable step to boost dwindling foreign exchange reserves by using the potential of over ten million Pakistanis expatriates through friendly schemes.
Government would have broken the begging bowl if it had accepted the IWCCI’s proposal to allow any expat to import a duty-free automobile after remitting to one million dollars, she said. She rejected the half-hearted corrective measures by authorities terming them mere eyewash which will push economy towards a serious crisis. Economic foundation cannot be built on hunger, poverty and social unrest, she said, adding that the situation will continue to worsen until Pakistan enters into Currency swap arrangements with more nations, budget deficit is contained, imports are reduced and exports of goods and services are increased, said Dr. Mughal.