Karachi: The Chairman of the Exchange Companies Association of Pakistan (ECAP), Malik Muhammad Bostan, announced that the value of the US dollar has decreased in Pakistan over the past six months, while the national economy has shown signs of strengthening. The dollar has fallen from 340 rupees to 281 rupees against the Pakistani rupee during this period. Bostan expressed optimism that the dollar would soon stabilize at 250 rupees, despite temporary fluctuations.
According to Exchange Companies Association of Pakistan, Bostan highlighted the rise in Pakistan's defense exports, particularly the JF-17 Thunder fighter aircraft, which has seen increased global demand following the destruction of India's Rafale aircraft by Pakistan's armed forces. Approximately 15 countries are interested in purchasing these aircraft, and Pakistan is preparing to fulfill these orders.
Bostan noted that the stock market has reached record highs, soaring from 46,000 points to over 186,000 points. Additionally, foreign exchange reserves have improved significantly, increasing from below $3 billion in 2022 to over $21.26 billion. He emphasized the country's economic recovery, contrasting the current situation with the challenges faced three years ago when Pakistan's economy was severely impacted and close to default.
However, Bostan acknowledged a decline in exports, attributing it to climate change and repeated floods affecting agricultural output. He remains confident that exports will increase in the near future. He also reported that over 700,000 Pakistanis went abroad last year, including a substantial number of laborers and professionals, which is expected to boost remittances to $45 billion, further strengthening Pakistan's economy and foreign exchange reserves.
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