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Administrative measures stabilised rupee’s value: Senate told

Islamabad: Caretaker Minister for Parliamentary Affairs, Information and Broadcasting Murtaza Solangi on Monday informed the Senate that the value of rupee has stabilised owing to the administrative measures of the incumbent government.

Winding up the discussion on the motion raised by Kamran Murtaza regarding the devaluation of the Pakistani rupee and shortage of US dollars in the market resulting in high inflation, the minister said that the government controlled the informal channels/hundi business in the country.

He expressed the hope that the value of the country’s currency would further improve after receiving a second tranche from the International Monetary Fund after its review. The position of balance of payments is much better than earlier, he said.

The minister said that State Bank of Pakistan (SBP) was also doing major restructuring in exchange companies, the official news agency reported.

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Earlier moving the motion, Kamran Murtaza said that the value of the dollar had been continuously increasing against the Pakistani rupee which caused inflation.

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He called for adopting prudent policies and measures to grow the national economy and control the dollar exchange rate.

Mohsin Aziz said that the economy has been deteriorating, adding that low exports and remittances besides smuggling were major causes of the increase in the value of the dollar and inflation.

Danish Kumar lauded the caretaker government for controlling the dollar and bringing back its value to Rs275 from Rs340. He also called for supporting the policies of the incumbent government to win the confidence of the business community.

Earlier there were problems with opening LC and now there was no such hurdle to open LC for importing material for industries, he added.

Dilawar Khan also appreciated the caretaker government for taking pragmatic steps to control the price of the dollar. The dollar price was not only controlled but also the Stock Exchange witnessed an upward trend owing to the measures of the government, he added.

Hamayun Mohmand said special focus should be given to enhancing the country’s exports. The export-oriented economy of Pakistan was the sole solution to strengthen the rupee, he added. He also called for lowering the interest rate as higher rates curtailed the circulation of money.

Ishaq Dar said there was no doubt that the devaluation of the currency was a dangerous thing which also proves disastrous for the economy. “Unfortunately, we do not have unlimited resources like other developed countries,” he added.

He said as per his assessment the real effective exchange rate of the dollar should be Rs244 to Rs250.

Meanwhile, the Senate on Monday rejected a proposal, with a majority vote, for the substitution of Rule 185 of the Rules of Procedure and Conduct of Business in the Senate, 2012.

Senator Sania Nishtar moved the proposal, but it was ultimately rejected by the members of the house.
In response, Leader of the House in the Senate Ishaq Dar recommended the formation of a committee to examine the issue.

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