Commerce minister urges people holding dollars to release them into the open market
LAHORE:
Amid the rising value of the local currency, Caretaker Minister for Commerce Industries and Production, Gohar Ejaz, anticipated a decline in the value of the US dollar against the Pakistani rupee.
He made the prediction during a joint press conference held in Lahore, accompanied by Energy Minister Muhammad Ali. Ejaz underscored the interim government’s commitment to bolstering Pakistan’s economic stability, highlighting the energy sector as a paramount challenge.
He emphasised the pressing issues related to power generation and line losses within the sector.
“Today the [actual] exchange rate of Pakistani rupee against the greenback is Rs260,” Ejaz stated, urging people holding dollars abroad to repatriate them.
The interim minister, in an indication of crackdown against hoarders of the American currency, encouraged them to release their funds into the open market. This, he explained, would facilitate the legitimisation of their assets and shield them from regulatory scrutiny.
Separately, the minister engaged in productive dialogue with leading retailers to strengthen the country’s retail sector to boost exports.
The minister chaired a meeting with prominent retailers from across Pakistan to discuss strategies aimed at enhancing the retail market conditions and improving the nation’s exports.
The collaborative effort between the government and retailers reflects a shared commitment to achieve economic growth and prosperity. During the meeting, the retailers expressed their strong desire to contribute to Pakistan’s export industry.
They emphasized the role they can play in expanding the nation’s reach in global markets. The minister affirmed the government’s dedication to curbing smuggling activities and ensuring that trade operates through legitimate channels. He stated, “We believe in you and we appreciate the vital role you play in the economy.
The government is committed to providing the best opportunities for retailers to export their goods and expand their domestic market presence.” In a bid to facilitate international market access, the minister pledged to provide retailers with opportunities to reach Central Asian Republics (CARs) and other global markets.
Furthermore, the minister encouraged local manufacturers to transition towards achieving one hundred per cent local manufacturing, reducing dependence on imported materials, and boosting domestic production. In conclusion, the minister urged retailers to strive for higher export volumes, assuring them of the government’s unwavering support in this endeavour.
Additionally, he directed the brand manufacturers to improve labour conditions and provide training through Pakistan Industrial Technical Assistance Centre (PITAC).
Meanwhile, the Pakistani rupee on Thursday witnessed its 13th consecutive recovery session as it gained Rs1.11 against the US dollar in the interbank trading and closed at Rs 292.77 against the previous day’s closing of Rs 293.88.
However, according to the Forex Association of Pakistan (FAP), the buying and selling rates of the dollar in the open market stood at Rs293 and Rs295.9 respectively. The price of the Euro decreased by Rs2.31 to close at Rs311.98 against the last day’s closing of Rs 314.29, according to the State Bank of Pakistan (SBP).
The Japanese Yen came down by 1 paisa to close at Rs1.97, whereas a decrease of Rs3.17 was witnessed in the exchange rate of the British Pound, which traded at Rs 360.23 as compared to the last closing of Rs 363.40.
The exchange rates of the Emirates Dirham and the Saudi Riyal declined by 30 and 29 paisa to close at Rs79.71 and Rs78.05 respectively.
