Minister sees real value of dollar at Rs260

Caretaker Federal Minister for Commerce, Industries, and Production Gohar Ejaz has said that the real value of the dollar in Pakistan was currently Rs260, while it should ideally be Rs200.

Speaking at an event held at the Karachi Chamber of Commerce, Minister Ejaz expressed the government's commitment to curbing the smuggling of various goods, including the dollar, in order to prevent further increase in its value.

He went on to highlight that the reference rate per dollar in the country had already soared to Rs350, with the interbank rate also seeing a steady rise.

However, measures implemented by the government led to a noticeable decrease in the price, a trend that has persisted to this day and is expected to continue in the future.

The minister also mentioned that the ban on certain imported goods had inadvertently resulted in increased imports of the same goods. He specifically cited the case of Afghan transit trade, stating that its volume had risen from $4 to $6 billion due to the import restrictions.

Furthermore, he expressed concern that by increasing taxes on goods from the Afghan transit trade, the country inadvertently encouraged the growth of the grey market.