Former President of Islamabad Chamber of Commerce and Industry (ICCI) Dr. Shahid Rasheed Butt on Tuesday said intentions of the Finance Minister Ishaq Dar are good which is improving the confidence of the business community.
His announcement to push the dollar below Rs200 is commendable and he will succeed in his aim soon, he said.
Shahid Rasheed Butt said that bringing down the dollar is laudable and the public wants to see the currency mafia behind bars.
In a statement issued here today, he said that Pakistan is one of the few countries in the world where the local currency is thrashing the dollar.
He said that currency dealers, Hundi mafia and banks have turned the currency market into a stock market where they continue to destroy the country’s economy by collusion, speculation and rumours.
In other countries, strict action is taken against such mafias who destroy the economy for personal interests, but in Pakistan, the central bankers feels comfortable after issuing show-cause notices, he observed.
He said that banks are also taking undue advantage of the situation. They have been taking 100% more profit on opening LCs. Banks have been charging ten rupees more than the dollar rate, action should be taken against them and the looted capital should be returned to the business community, he demanded.
The rumourmongers should not be allowed to become active again, instead, the government should break their backs.
Shahid Rasheed Butt said that due to the decrease in the value of the dollar, a few automakers had reduced prices slightly, but the big companies that make motorcycles have not made any reductions which should be noted because the transport system in the country is dysfunctional and the common man is compelled to use a bike.
He said that motorcycles need to be made safe for the public while adding a sidecar to motorcycles will not only make them safer but also make it easier for women and children to travel.
