ISLAMABAD: Federal Minister for Commerce and Textile, Engineer Khuram Dastgir said on Wednesday that the government was keen to bring stability in rupee value against US Dollar for the economic development in the country.
Speaking in a meeting of the Standing Committee on Commerce and Textile here, the minister said that the value of rupee went up due to speculations in the market but now it has come down again to normal level.
He said people were speculating that the government had a deal with the International Monetary Fund (IMF) that the rupee price against US Dollar would go up to the level of Rs 125 and some politicians even challenged the government to bring it down under Rs 100.
Senator Kulsoom Parveen on the occasion said that a large number of traders faced a huge loss due to volatility in the forex market and urged the government to stabilize the Rupee value.
Khurram Dastgir said although it was true that a large number of traders had to face huge loss due to sudden change in forex market but he hoped that now the market would get stable and would move in a narrow range.
He also turned down the arguments that the reduction in rupee value was due to the fact that the government had sold out US dollars in bulk in the market saying that it happened due to overall economic growth being witnessed in the country.
He said as the overall economy strengthened, the investors who were holding US dollars have started investing in different sectors resulting in outflow of US dollars in the market.
On the issue of restrictions imposed under SRO 760 by the government on registration process of gems stone exporters with Trade Development Authority (TDAP), the minister said that the Economic Coordination Committee of the Cabinet (ECC) had removed the restrictions.
Chairman of the Committee, Senator Haji Ghulam Ali thanked the minister on the move saying that it would benefit the businessmen specially from Balochistan and Khyber Pakhtunkhwa involved with the industry.
Officials of Commerce Ministry gave a detailed briefing about ban on import of live stocks and informed the committee that currently Pakistan was importing livestock only from Australia.
The Committee was informed that other countries like USA, Canada and European Union countries have also been agitating that Pakistan should reverse its existing import policy pertaining to live animals and animal produce in light of ranking done by office of International Des Epizooties (OIE).
The committee was also informed that the ban on import was due to a certain disease present in those countries.
Engineer Khurram Dastgir said that issue of lifting ban on live stocks from USA, Canada, EU and other countries was deferred for the time being by the ECC.
Senator Abdul Haseeb Khan said that the issue of import of livestock was not important but what is most important is that the government should focus on exports of livestock and halt smuggling of the animals and animal produce.
Chairman of the Committee said that a sub-committee have been made in this regard in which representatives from all provincial governments and other stakeholders from across the country would participate.
Giving briefing on textile sector, Secretary, Textile Ministry Rukhsana Shah said that she had a meeting with cotton growers on March 20 in Multan.
She said that she would encourage the cotton growers to establish a Cotton Growers Association for meeting their rights.
The meeting was also attended by Senator Haji Saifullah Khan Bangash and Senator Saeedul Hassan Mandokhail.