FPCCI’s Presidential candidate Atif Ikram Sheikh on Tuesday said that the Pakistani market has ignored Moody’s downgrade and the dollar continues to retreat against the rupee which is a very encouraging sign.
There has been no change in investor confidence due to the credit rating agency move which has been steadily increasing due to the new Finance Minister Ishaq Dar, he said.
Atif Ikram Sheikh said while talking to the business community that the value of the dollar has decreased by eighteen rupees in ten days and if the fall of the dollar continues, the production sector will reduce prices due to the reduction in business costs.
The local currency is gaining ground against the US dollar therefore no one will be allowed to play with the people and economy while the political parties not do politics on the economy.
If the dollar falls below 200 rupees as expected, it will have a pleasant effect on the economy for which all the credit will go to Ishaq Dar, he said.
The business leader said that the United Nations is calling on the international community to help Pakistan, while the World Bank and the Asian Development Bank are also giving four and a half billion dollars to help Pakistan cope with the devastation of floods, which will have a positive impact on the situation.
Atif Ikram said that the banks are foreign exchange companies that are being investigated for exchange rate manipulation and now these sectors are being closely monitored.
He said that strict action against such elements is necessary to break the back of the currency mafia as the economy has little space to give a stimulus package which would create jobs and provide people with sustainable incomes.
In the last few years, the national debt has increased tremendously and now the government has to use half of the tax revenue for the payment of debts and obligations which should be reduced.
