Islamabad Chamber of Small Traders recommends extension of tax amnesty, appreciates rupee appreciation

The fall of the dollar can be attributed to the high expectations of the business community, bright outlook, stability of the market, and a highly improved political environment, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt on Monday.

He said that the continued appreciation of rupee will reduce foreign debt by tens of billions of rupees, reduce prices of many necessities at home and send a very positive signal to the international community.

Shahid Rasheed Butt said that in the money market, ninety percent people were selling dollars while only ten percent were buyers, which has added to the worries and stockpile of US currency with currency dealers.

If the appreciation of rupee continued, it will benefit the economy and the masses as it will reduce inflation since the policy of depreciating rupee to boost exports is good for nothing. Therefore, it should be dumped, he demanded.

He noted that the stock market is also buyout and that if the new government could manage at least 10 billion dollars from any other source than IMF, it will be a great accomplishment.

The business leader said that a lot of borrowing took place during the last ten years which was wasted due to mismanagement as production capability or quality of goods could not be improved.

This is the reason exports could not be improved substantially despite packages and other efforts by the former governments. 

He said that Pakistan currency will remain under threat as far as Pakistani goods fail to compete with products of the competing nations and the masses will have to pay the price for it.

The government should not consider imposing financial emergency or introducing a mini-budget and it should extend the tax amnesty scheme instead, he recommended.