The renowned businessman and the former trade minister Gohar Ijaz has urged the government not to increase dollar rate by devaluing rupee, reported 24NewsHDTV Channel.
Talking to his social media account on social media app X on Tuesday, Gohar Ijaz opposed the appreciation of the dollar, saying that devaluation of the rupee is not a solution to economic problems.
He said after government decision, fraudulent element create dollars shortage in the market resultantly dollar price jumps beyond government’s estimates.
Gohar Ijaz further said that country’s economic wizards start clamoring for devaluation on the back of genuine scarcity in the open market at the official exchange rate, as Tax Evaders and Dollar Hoarders buy at a 3pc higher rate. But in 50 years, devaluation from Rs 9.99 to Rs 284 has not improved dollar availability.
He urged the government to address the root cause and build a plan to become competitive and viable for export-led growth.
Gohar Ijaz said devaluation will neither improve dollar availability nor make us economically viable; as evidenced over the last 50 years, and it will not happen over the next 50 years. He clarified that “our Economic Wizards forget that almost All Inputs are Dollar-based”.
The former minister said that drom 1955 to 1971, Pakistan’s golden industrial era, the Rupee was stable at Rs 4.75. He said during 1975, the Rupee stood at Rs 9.99 per dollar. By 2025, it has collapsed to Rs 284.