All Pakistan Textile Mills Association (APTMA) wishes to place on record its appreciation of setting of the exchange rate to its real underlying value. The devaluation has resulted in making Pakistani products competitive in the international markets. This is translating in the recapture of market share that they had lost and a substantial increase in the volume of exports, says a press release issued here.

The textile exporters of Pakistan are extremely grateful to the government for following realistic exchange rate policies. The exchange rate policy is the prime reason for the eradication of the deficit in the balance of payments as import of unnecessary luxury items has been effectively curtailed.

"We believe that this has set the basis for a sustainable and prosperous Pakistan in the future as the requirements of foreign currency will be met through rapid increase in exports rather than through unsustainable loans."-PR