President of Multan Chamber of Commerce and Industry (MCCI) Khawaja Usman hails the appreciation of Pak Rupee against US dollar, terming it a good sign for country's economy. He was of the view that revaluation of rupee against dollar was due to the outstanding thinking of the policy makers particularly Federal Minister Ishaq Dar who strengthened the Pak currency.
In a press statement, Khawaja Usman said in the current scenario, the rupee appreciation at its current pace would certainly reduce import bill and inflation that, over the years, had become closely-linked to the exchange rate because of Pakistan's ever higher reliance on imports, particularly of energy. "Fast appreciation of the rupee will result in lowering of inflation and improved competitiveness of Pakistan's businesses and industries. Therefore, the government should move in quickly to keep this trend going to protect the national economy," he urged.
MCCI President said it appeared that policymakers had a consistent plan to stabilise the currency, which would compel business community to start looking at opportunities to invest more in the country. He congratulated Federal Finance Minister Ishaq Dar over fulfilling his promises to stabilise the rupee and revalue it against the dollar.
He was of the view that rupee appreciation against dollar would have positive impact on overall economy of the country. Khawaja said the revaluation of rupee would help Pakistan save Rs 700 billion in foreign debt payment. He said a weak currency might be pleasing to the exporters or the overseas Pakistanis remitting their hard earned money in Pakistan but the overall impact of a weak rupee on the general prices and majority of population is extremely horrible as on one hand it opens the flood gates for price hike while on the other it erodes the purchasing power of the common man.
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