President of Korangi Association of Trade and Industry (KATI) Salman Aslam has expressed concern over the value of the dollar once again exceeding Rs 200.
He said that despite the government’s claims, the dollar was not stabilizing. Salman Aslam said the government has failed to stabilize the value of the dollar.
The reason for the rise in the value of the dollar is the huge foreign exchange spent import of petroleum products. He said that due to the 100 percent payment of import bills by Pakistan, the pressure on the dollar is increasing.
President KATI said that the government should launch a campaign to reduce the use of petroleum products and completely abolish the subsidized petrol facility given to government ministers and other officials from 40 percent.
He said that the policy of using petrol only as per requirement should be adopted. Salman Aslam said the government should reduce half of the 33 billion import bill for petroleum products to put pressure on the dollar and improve the trade balance.
He appealed to the government to take steps for the local production of electric vehicles in collaboration with China to significantly reduce the consumption of petrol in the future and eliminate dependency on it and to protect foreign exchange reserves.
