Business community demand aggressive crack down against dollar mafia

ISLAMABAD, May 20 (APP):The business community on Monday vehemently demanded result oriented aggressive crack down against dollar mafia in Pakistan which is playing havoc with the economy of the country.

In a statement issued here, Founder Chairman Pak US Business Council Iftikhar Ali Malik said that the sharp downfall in the rupee value had not only disturbed almost all sectors of the economy but also brought a new wave of price spiral that would not die down despite the government’s all claims.

He said that entire business community will fully support Prime Minister Imran Khan in this regard.

He has demanded a high-level probe into massive devaluation of local currency besides asking the State Bank to identify the reasons and share the findings with the business community in this regard.

He also appealed the government to direct the Federal Investigation Authority (FIA), Intelligence Bureau, Customs Intelligence and the State Bank of Pakistan to keep strict vigilance to control currency and bullion smuggling.

He also urged the SBP to immediately take notice of the situation which is causing panic in the currency market.
He said there was no shortage of foreign exchange in Pakistan, but it required proper management. He also said the government should also take stern action against those involved in sending money abroad through illegal means besides reducing the outflow of dollars from the country.

“During the last 23 years $160 billion was sent abroad from Pakistan while total foreign debts of the country stood at $104 billion.”

He said the State Bank should also devise a guideline for local currency dealers so that only genuine buyers could buy dollars from the open market.

He has asked what factors and elements are behind this historic fall of the rupee and said, “It is necessary to investigate if an artificial cap on the value of the dollar was created by any mafia to sell their preserved dollars at high rates.”

Iftikhar Malik has urged the government to inform the people about the agreements it has signed with the International Monetary Fund for retiring the loan and asked has this fall of rupee something to do with the IMF.

He pointed out that the government should focus on addressing key economic issues on an urgent basis and pay special attention to problems of business community.

He said Imran Khan has initiated meaningful reforms across all the important fields to make Pakistan prosperous and respected country which will help him winning hearts and minds of the people.He further asked the government to promote domestic commerce to trigger economic growth.