Chairman of Exchange Companies Association of Pakistan (ECAP) Malik Bostan has said that the US Dollar could fall significantly against the Pakistani Rupee (PKR) with 15 countries looking to import JF-17 fighter jets from the Armed Forces.
Speaking on a TV program, the ECAP chairman said the dollar is expected to drop below the Rs. 250 level. Quoting data, he said the Rupee has gained ~Rs. 30 against US Dollar since recovering from Rs. 340/$.
The ECAP chairman attributed the improving outlook to several factors, including a sharp rise in defence exports, growing international demand for Pakistan’s JF-17 jets, and a strong recovery in the stock market, which has surged from around 46,000 points to nearly 185,000 points.
Bostan said the dollar has fallen from above Rs. 290 to around Rs. 281 in the past six months, a decline of nearly Rs. 9. He rejected claims that the rupee’s stability is temporary and claimed that the real value of PKR/$ is below 250.
He also highlighted a big improvement in Pakistan’s foreign exchange reserves, which have risen from below $3 billion in 2022 to around $22 billion to date.
Addressing criticism of the government, he said the economy had been “completely devastated” and rebuilding naturally takes time. He recalled that only a few years ago, there were fears of the dollar touching Rs. 500, while now expectations are shifting toward Rs. 250 or even lower levels.
Bostan acknowledged that exports have declined but blamed climate change-induced floods over the past three years, which damaged crops and reduced agricultural output. He expressed confidence that exports would rebound soon.
He further pointed to rising overseas employment, particularly of skilled and technical professionals, as a key positive indicator. He said more than 700,000 Pakistanis went abroad last year, including thousands of doctors, engineers, electricians, and accountants. He was confident that they would help significantly boost remittances from $35 billion to around $45 billion next year.
Bostan projected that remittances could rise sharply in the coming year, which will increase forex reserves, support the rupee, stock market, and overall economic stability.
No matter how many claims are made . They cannot be trusted anymore
Clearly this govt has lost all credibility
Hahahaha
If you start looking atvthe facts and stop scrolling the social media accounts spreading fake news and bogus uncertainity you will understand that this Govt has done beyond expectation very well and have brought Pakistan in a takeoff position
This man is reading from the script provided by the government. He is daydreaming like the rulers. This is real life. There is no Ala Din’s lamp around.
It seems that foreign exchange reserve sherry ng better however what is benefit of o Salaried person tax payers government is looting them and from whom tax is real liability govt is not collecting tax. Govt has to reduce tax for Salaried person’s from 35 % to 10% by max salary slab.
Govt has to reduce their expenditures and situation will be on track within one year.
Pakistan is destined to rise. It was due to the conspiracy of certain sellouts who had brought about a planned economic slump but that is history now. In the coming decade Pakistan will rise as the Asian Tiger and countries like afghanistan and india will be begging at the feet of Pakistan. Long live China Pakistan friendship
If inflation stays the same or rises faster than the dollar is falling, it will negatively impact the economy.
Someone needs to tell these duffers that consumer purchasing power matters more than the exchange rate.
For example, if the dollar is at PKR 280 and petrol is also PKR 280, then the dollar drops to PKR 250 but petrol only comes down to PKR 260, this is not an improvement. it’s an economic setback.
Only the PTI supporters are crying over better hopes for Pakistani economy. I am happy that Pakistan is moving in the right direction in many sectors. At the same time, we are leapfrogging on diplomatic front, Defense ties and national security spectrum.
I think you should as for a refund from which ever university you attended.
As i mentioned, use the simple maths and apply the stats you will know the ans.
Dear Genuis,
Just put the data into a subjective terms and get the arma for the year. You will see the actual vs forced rates.
Have some sense before pasting or even publishing such articles that are purely BS.
He must consult a psychologist
The only thing that could save us is independence from US DOLLARS .just stop trading in dollars and everything would be alright .we are at a position where a person makes US angry by not dealing with them and providing them airports for their invasions , dollar rise and when the other person gives trump Nobel peace prize for killing innocents .US dollar gains stability ..
And Pakistan will shift to saturn Moon titan too