Dollar rate of Rs237 is artificial, says APTMA leader

Reveals 2.5 million cotton bales were destroyed in recent floods

By: News Desk
Published: 04:23 PM, 17 Sep, 2022
Dollar rate of Rs237 is artificial, says APTMA leader
Caption: TV grab.
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All Pakistan Textile Mills Association (APTMA) Group Leader Gohar Ejaz has maintained that the actual price of the US dollar was around 200 rupees and the current greenback rate of Rs237 is artificial, reported 24NewsHD TV channel.

Addressing a news conference in Lahore on Saturday, Gohar Ejaz said the difference in the dollar rate in the interbank and open markets should be around six paisas.

Expressing deep sorrow and grief over the colossal loss of life and property in recent floods in the country, Gohar Ejaz said that 2.5 million cotton bales had been destroyed due to floods which would now have to be imported.  

He said that the textile sector accounted for most of the country’s exports. He said of $32 billion exports, about $20 billion were from textile sector.

He said that everybody should pray that the country’s industry remained functional in these testing times. 

Ejaz was of the view that the secret of the country’s progress lay in increase in exports. 

He said that the Association had planned to distribute 100,000 bags of ration among the flood-affected people.