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Tuesday, June 22, 2021

President FPCCI expresses concern over excessive printing of currency

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Islamabad: Senator, Haji Ghulam Ali President, Federation of Pakistan, Chambers of Commerce and Industry (FPCCI) on Thursday expressed concern over disproportionate printing of currency notes by the government to meet expanses. He said that printing around two billion rupees would keep economy under dark clouds hurting society and businesses.

“There should be some limits to printing notes otherwise Pakistani currency will continue to lose value,” he demanded. Talking to Dr. Murtaza Mughal, President of the Pakistan Economy Watch (PEW), Ghulam Ali said that Pakistan import everything including vegetable; therefore, imports would continue to become costly if devaluation is not arrested through proper measures.

He said that 1667 industries have been closed in country hurting millions while thousands of business are at the verge but the authorities prefer to remain unresponsive. Currency in circulation is over Rs1.6 trillion, trade deficit has crossed 1 trillion mark while cost o credit has accelerated defaults pushing non-performing loans to new heights causing losses of 500 billion to banks, he said.

At the occasion, Chairman Coordination, FPCCI, Muhammad Raza Khan said that Pakistan cannot move forward unless interest rate is brought down to single digit. Government borrowings amounts to relieving unsuspecting commoners of their lifetime savings, he added.

Dr. Murtaza Mughal said that politics could not be a success when economy is failing. He said that 75 per cent people are living on daily income o Rs. 160 or below and their plight is beyond imagination. He said that opposition and allies should press governed to stop unnecessary printing and control ever-increasing expanses. He also demanded off the chief justice to take note of the situation. -Pakistan Economy Watch

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