The Businessmen Panel (BMP) of the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said the sudden depreciation in rupee's value that declined by 26 percent during last year put the businessmen in great confusion. BMP Chairman Mian Anjum Nisar in a statement on Saturday hoped that with the rising foreign exchange reserves, now the exchange rate is expected to be stable. He expressed satisfaction over the foreign exchange position that rose to US 13.25 billion dollars with the State Bank of Pakistan on 18th January and still on the rising trend.
He appreciated Prime Minister Imran Khan for his dynamic efforts and support from our brotherly countries like Saudi Arabia and United Arab Emirates due to which our reserves are moving towards comfortable position. Now, the business community wants stability in the dollar-rupee parity, he said. Similarly Pakistan received the third tranche of $1 billion from Saudi Arabia and $1 billion from the UAE that is good omen for the country's foreign exchange reserves, he added.
Main Anjum Nisar also hailed the government for its endeavours to overcome the issue of current account deficit. He expressed his optimism that the country's export may go up to US 25 billion dollars during the current financial year. China is also extending a helping hand to assist Pakistan in exports, he said. He was of the view that Pakistan could earn $1 billion through export of sugar and rice which in turn would strengthen agriculture sector. He also termed the Qatar's decision regarding lifting of ban on the Pakistani rice that would help increase the country's export base. He felicitated the PTI government for its economic reforms package and said it has given a boost to the business community's sentiments.
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