LAHORE: Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain said on Friday that a reduction of 18 rupees in the value of the dollar in the open market is temporary.
According to government instructions, credit card payments will now be made from interbank instead of open market, as a result of which the demand for dollars will be transferred from open market to interbank and due to the increase in payment pressure, the rate of dollar will increase in interbank.
Mian Zahid Hussain said that the new directions will reduce the rate difference between the two markets, which had reached to around Rs30.
Talking to the business community, the veteran business leader said that increased interbank dollar value will benefit exporters, while overseas Pakistanis will also incentivize to send money through banking channels and the government will have more dollars than before. The business leader said that in the next six months, the government also has to pay about 10 billion dollars of imports by the private sector on a 365 days loan
