Karachi: Forex Association of Pakistan organized the “Mazboot Rupiya Mazboot Pakistan” Conference at PC Hotel Karachi. To highlight the serious economic challenges, and issues to the country and immediate action to be taken to avoid further damage.
Dr. Mirza Ikhtiar Baig, Former SVP FPCCI, Leading Economic Columnist, and Chairman of Baig Group was the keynote speaker of the conference. Many notable attended the conference including Muhammad Hanif Gohar Chairman Gohar Group, Arif Habib Chairman Arif Habib Group, Mirza Ishtiaq Biag Hon. Consul General of Morocco, Mohsin Sheikhani Chairman ABAD, members of the Forex Association of Pakistan, CEOs of Companies, FPCCI, KCCI, prominent economists, bankers, and businessmen presented their suggestions.
Malik Bostan, President Forex Association of Pakistan, and organizer of the “Mazboot Rupiya Mazboot Pakistan” Conference. Malik Bostan said first of all I would like to thank Allah Almighty for giving me the opportunity to serve as the Economic Soldier of Pakistan.
He said, falling foreign reserves reached to lowest level $10 billion including 50% soft deposit of friendly countries, Saudi Arabia and UAE and Pakistani Rupee depreciated to all time low to Rs.193/- against USD.
In addition, Inflation reached an all time high of 13% and Current account deficit of $5.3 billion.
Dr. Mirza Ikhtiar Baig (T.I.) said I congratulate Malik Bostan for organizing the conference at this critical time when the nation is concerned about our economic situation. We should take the above measures on a war-footing basis to contain the bleeding and to improve the economic condition of Pakistan. Banks, currency dealers are advised to discourage speculation by quoting un-realistic high Pak Rupee forward rates creating panic in the market.
He said that in my last column in Jang I compared the economic situation of Sri Lanka which has declared default with the economic conditions of Pakistan, a nuclear state of 220 million people that cannot afford to default.
Dr. Mirza Ikhtiar Baig suggests that with all stakeholders on board InshaAlllah’s Pakistan economy will survive and would be on track, all we need is political stability and avoiding confrontation among the institutions.
Further, he said the Arm Forces of Pakistan have done a commendable job; we support and are proud of them.
