PEW expressed concern over exchange rate erosion

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Islamabad: The Pakistan Economy Watch (PEW) on Tuesday expressed concern over the steady fall in exchange rate saying that falling rupees is dragging masses and the economy down.

The rupee is losing value since last nine days which if continued will not only hurt asses but also hit businesses across the country, it said.

The freefall of rupee will trigger inflation, hit developmental projects, deter local and foreign investment and add to foreign loans as well as uncertainty, said Dr. Murtaza Mughal, President PEW.

He said that some elements are trying a 30 percent erosion in the value of rupee which will boost the value of one dollar to Rs 180.

Dr. Murtaza Mughal said that the government should not listen to such elements who want to benefit on the cost of masses.

He said that during the last one-year rupee has been devalued by 35 percent but the cited objectives could not be achieved.

All we saw was a little reduction in trade deficit and insignificant growth in exports which masses came under the additional burden.

He said that failed experiments should not be repeated as it will not only result in political and economic turmoil but also hit the credit rating of the country.

Dr. Mughal asked the Prime Minister Imran Khan to reject the summary of the Petroleum Division which has asked for a hefty hike in the tariff of natural gas as it will take a toll on masses, economy, and exports.

The gas companies should stop burdening masses for their inefficiencies, corruption, and losses and try to put their own house in order.

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