Business leaders urged not to issue disappointing statements on rupee strengthening : AsiaNet-Pakistan

Business leaders urged not to issue disappointing statements on rupee strengthening

March 30, 2014 | Misc. | Share:

Karachi, March 30, 2014 (PPI-OT): The Union of Small and Medium Enterprises (UNISAME) has urged trade leaders not to issue disappointing statements about loss incurred by exporters due to strengthening of the rupee and requested them to bear temporary losses for a brighter future instead and look forward to a strong economy and reduction in cost of landing of imported raw materials and other factors of production in the long run.

President UNISAME Zulfikar Thaver said that the finance minister Ishaq Dar had indicated the matter much earlier and experienced exporters booked exchange to save themselves from decline in proceeds.

Thaver said the correct value of the rupee according to calculations by experts taking into consideration of international gold prices and other indicators works out to Rs 98 and the dollar appreciated only in Pakistan due to heavy demand by speculators, panic buying and transfer of funds abroad by the rich for safety and security reasons.

He said we had advised the government to control the smuggling to Afghanistan and Iran and the burden imposed on our economy by Afghanistan buying dollars from open market in Pakistan to finance their imports and buying goods from Pakistan through border trade and paying in Pakistani rupees.

Secondly he said we also advised the government to allow imports with official money only as huge imports are made by undeclared black money and goods are under invoiced and amounts transferred to pay the difference in invoice value by money exchangers. Thaver said our suggestions and recommendations were well received and the trade in Pakistani rupees was disallowed with Afghanistan.

UNISAME has taken objection to statements by trade leaders expressing resentment at the strengthening of the rupee and advised the exporters of commodities and other items to wait patiently and bear the losses which they would be able to cover well very soon. The exporters have earned huge amounts due to the higher exchange rate in the preceding months and made huge gains which they can consider and offset against present losses.

For more information, Contact:
Union of Small and Medium Enterprises (UNISAME)
75/1 3rd Commercial Street,
Phase IV, D.H.A., Karachi, Pakistan
Phones: + 92 35884225 and 6
Cell: + 92 300 8245307 and + 92 321 8245307
Fax: + 92 35380642


Category: Misc.