ISLAMABAD :Minister for Finance, Revenues and Economic Affairs , Senator Muhammad Ishaq Dar here on Monday warned those speculators who are playing with country’s exchange rate that they will burn their fingers.
“They should stay away from these anti-state activities, otherwise the government will take stern actions against these unscrupulous elements if they are held for destabilizing exchange market”, he stated this while addressing a pre-budget seminar here at National Library Auditorium this morning.
The Seminar was organized by Federal Board of Revenue (FBR) in collaboration with Federation of Pakistan Chamber of Commerce and Industry (FPCCI).
Secretary General Revenue Division and Chairman Federal Board of Revenue , M.Abdullah Yousuf , President FPCCI, Tanveer Ahmed Sheikh and President SAARC Chamber of Commerce and Industry,Tariq Saeed also spoke on the occasion.
“These speculators should not forget the similar episode of 1998-99 when exchange rate was brought down from Rs.67 against one US dollars to Rs.53 against one US dollars in short span of time”, he remarked.
He said that State Bank of Pakistan (SBP) is watching the market players very closely and it is in the speculators own interest that they should behave in national interest.
The government, he said has decided to mobilize over US $ 3.0 billion during the remaining period of the current fiscal year.
“I am happy to state that strong inflows are in pipeline and the country’s foreign exchange reserves will reach over US $ 13 billion by the end June 2008”, he remarked.
The Finance Minister further said that the State Bank of Pakistan has also taken several measures to stabilize the exchange rate last week.
The rupee, he said has already gained ground and should gain more ground in coming days.
Posts
No comments:
Post a Comment