PESHAWAR: Director Pak-Afghan Joint Chamber of Commerce and Industry (PAJCCI) Zia-ul-Haq Sarhadi has supported a proposal of making trade and investment in local currency to overcome dollar crisis in the country.

In a press statement, Sarhadi termed the suggestion made by Chairman Exchange Companies of Pakistan, Malik Bostan as timely and the need of the hour.

Malik Bostan while addressing a press conference in Karachi had also urged investors and exporters to do business in local currency.

Zia said presently a hefty amount of USD was smuggled to Afghanistan on a monthly basis, creating a very difficult situation for businessmen in Pakistan.

He advised Federal Minister for Finance Ishaq Dar to end the condition of trade with Afghanistan in dollar and allow opening of LC (Letter of Credit) and trade with neighbouring countries in local currency.

Zia also endorsed the suggestion of Malik Bostan of imposing restrictions on banks from transferring more than one hundred thousands dollars abroad on an annual basis.

He also suggested the government take measures to reduce imports to save dollars in the country.

Copyright Business Recorder, 2023