Islamabad, September 14, 2023 (PPI-OT): Saifuddin Sheikh, Executive Director of Pakistan Economy Watch (PEW) said on Thursday that all the credit goes to the Chief of Army Staff General Asim Munir for the continuous increase in the value of the rupee and the decrease in the price of sugar. He has also taken important steps to eliminate smuggling, money laundering, and speculation, which is restoring the confidence of the public and the business community, he said.

He added that more measures should be taken to provide relief to the public and keep the dollar under control. In a statement issued here today, Saifuddin Sheikh said that the army chief has done in a few days what politicians and bureaucracy could not do in decades. He supported the massive crackdown and showed 'zero tolerance' towards smuggling and hoarding of essential commodities, due to which the price and availability of sugar are gradually becoming stable.

However, he expressed shock over the Punjab government’s decision regarding the procurement of sugar at a significantly higher price of Rs 140 per kg from mill owners. Political conveniences have damaged the country's economy, he said, adding that merit has been compromised everywhere and many important institutions have become recruitment centres for political parties, due to which trillions of rupees are being lost annually. However, now the people have hope that General Asim Munir will change the situation, as he is determined to improve the economy and bring 100 billion dollars of foreign investment to Pakistan.

Saifuddin Sheikh said that the role of the central bank and commercial banks in the foreign exchange market has increased while the exchange companies are being monitored. Banks also need to be monitored because, last year, eight major banks were found to be involved in illegal dollar fluctuations. Importers also need to be watched in the current situation because if the rupee stabilises, imports will increase, which can result in a crisis of payments.

For more information, contact:

President,

Pakistan Economy Watch (PEW)

402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,

82-East, Blue Area, Islamabad

Tel: +92-51-2510375

Fax: +92-51-2802449

Cell: +92-321-5157671

Email: president@pakistaneconomywatch.com

Web: www.pakistaneconomywatch.com

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