Tuesday, December 6
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Buying, selling dollars a profitable business for banks: Mian Zahid Hussain

Karachi, July 27, 2022 (PPI-OT):Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain on Wednesday said the increasing political instability in the country has become a big threat to the economy.

Pakistan has no choice but to adopt the harsh policies of international institutions but despite the full implementation of their policies, loan money is not being released which is damaging our economy, he said. Mian Zahid Hussain said that the sale and purchase of dollars has become a profitable business for the banks which is like tanking the weak economy.

Talking to the business community, the veteran business leader said that the dollar has appreciated by Rs25 in eight days while it has jumped by Rs54 during the tenure of Prime Minister Shahbaz Sharif. He warned that the political instability and chaos should be stopped otherwise the IMF loan will not be able to streamline things.

The business leader noted that Russia stopped the flight of capital soon after attacking Ukraine and now its economy is stable while its currency is the strongest in the world. On the other hand, the rupee has dwindled by ten percent in a week but nothing is being done to arrest the fall.

Mian Zahid Hussain said that banks are selling dollars at inflated prices while importers are not getting dollars in time resulting in heavy demurrage and detention charges. He said that the value of the rupee has reduced by 23 percent in the current fiscal and if the central banks and the government failed to take the required steps, the value of rupee to a dollar will fall to 275 by December.

Mian Zahid Hussain noted that production is being reduced, inflation is out of control and political instability continues to damage the economy. IMF has stopped tranche while friendly countries and not giving loan and are not ready to give guarantees, he added. The political instability has provided a golden opportunity to the profiteers which must be noticed, he demanded.

For more information, contact:
President,
Pakistan Businessmen and Intellectuals Forum (PBIF)
Tel: +92-343-2226888
Tel: +92-300-8233364
Email: ceo@kenlubes.net