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Proposal to devalue currency termed anti-poor: Shahid Rasheed Butt

Islamabad, September 04, 2015 (PPI-OT):TDAP’s proposal to devalue currency by ten percent to support exports is against the people of Pakistan which must not be accepted under any circumstances, a business leader said Friday. Devaluation of rupee will improve exports to some extent but it will make imports costly by 22.5 percent, trigger inflation and increased trade gap, he said adding that country cannot be pushed into darkness to benefit some exporters, said patron Islamabad Chamber of Small Traders Shahid Rasheed Butt.

Speaking to a hurriedly called meeting, he said that those advocating erosion are representing elites club while working on an agenda of someone else which require thorough probe and stern action. Shahid Rasheed Butt said that Finance Minister Ishaq Dar has taken great pain to stabilise exchange rate which should not be allowed to depreciate as he said that black sheep are after economy which will not be allowed at any cost.

The veteran business leader said that the TDAP’s proposal if accepted would hurt foreign investment and speed up dollarization of economy as many traders protesting tax on bank transaction have already abandoned rupee in favour of dollar. He expressed fear that apart from augmenting debt and interest it can have an impact on record investment planned by China for economic corridor. Butt said that Pakistan cannot jump in the race of devaluation without considering pros and cons as the country cannot afford to face a currency crisis like 1997-98 that damaged many leading economies.

For more information, contact:
Jahangir Akhtar
Secretary General
Islamabad Chamber of Small Traders and Small Industry
Office No, 9 Block E, Super Market, Islamabad
Cell: 0344-5111174

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