Published On: Sat, Dec 14th, 2019
Published in Category: Karachi

Double-digit fall in imports strengthening forex reserves

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KARACHI: President Pakistan Businessmen and Intellectuals Forum (PBIF), President All Karachi Industrial Alliance (AKIA), Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister, Mian Zahid Hussain on Friday said the double-digit reduction in imports are strengthening forex reserves.

Imports have been reduced by 33 percent in the five months of the current fiscal which is also resulting in some serious problems.

Talking to the business community, the veteran business leader said that rupee is gaining strength but it has not resulted in reduction in prices.

The former minister noted that exports have jumped by almost five percent to 9.54 billion during July-November but it is insignificant despite the repeated reduction in the value of rupee and relaxations to the export industry.

The export situation is not satisfactory which may result in a missed target set at 26 billion dollars however attention to tax and refund issues can make a change.