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BMP says Pakistani rupee was one of the world’s worst-performing currencies last year, losing 26 percent

Date: January 28, 2019 Author: newsfeed.pk Category: General General Business News Short URL Comments: 0

Lahore, January 28, 2019 (PPI-OT): The Businessmen Panel (BMP) for Federation of Pakistan Chambers of Commerce and Industry hoped that now Pakistan Rupee will be stable after increasing in country foreign reserves as 18th January 2019, The SBP liquid foreign reserve exchange position was $ 13.25 billion dollars officially and is still increasing.

Chairman BMP, Mian Anjum Nisar said we appreciated the effort of Prime Minister Imran Khan and his dynamic efforts and due to support from our brotherly countries like Saudia Arabia and United Arab Emirates, our reserves is moving towards on comfortable position and now business community seeks some stability in Pakistan Rupee against dollar.

He said in last few months sudden depreciation in rupee put business community in great confusion and now we hope some stability will prevail in exchange rate which is much required, “as Pakistani rupee was one of the world’s worst-performing currencies last year, losing 26 per cent”.

Similarly Pakistan has also received the third tranche of USD one billion from Saudi Arabia one day back. And USD one billion from UAE two days back also a good omen for country foreign reserves position. Chairman BMP said at present, Pakistan faces a massive current account deficit which the government should striving to narrow down immediately and country will be likely to able cross its export target of $25 billion for the current fiscal year.

Further, China was also extending a helping hand to assist Pakistan in boosting exports by $1 billion through exports of Pakistan sugar and rice which is a good omen to strengthen country agriculture exports including lifting ban from Qatar on Pakistan rice will also helps to increase our export base.

Anjum Nisar also said in the mini-budget or we can say PTI Economic Reforms Package, “the sentiments of the business community have largely been positive and felicitated the government for presenting a pro-business budget”.

For more information, contact:
Public Relations Officer,
The Businessmen Panel Group (BMP)
Central Office: 5A, Main Boulevard, Gulberg, Lahore, Pakistan
Tel: +92-42-35782294
Cell: +92-321-4441691