De­val­u­a­tion not a sub­sti­tute for eco­nomic re­forms

Daily Messenger - - Biz -

IS­LAM­ABAD: Is­lam­abad Chamber of Small Traders on Wed­nes­day said ru­pee has been eroded by thir­teen per­cent dur­ing the last six months push­ing tens of mil­lions of peo­ple be­low the poverty line. How­ever, tar­gets like a sub­stan­tial in­crease in ex­ports and re­duc­tion in im­ports can­not be achieved while con­tin­ued ero­sion in the ex­change rate has ex­posed the vul­ner­a­bil­ity of the econ­omy, it said. Those who claimed to make the coun­try an Asian Tiger bor­rowed tril­lions in the garb of devel­op­ment and now some eco­nomic man­agers con­sider de­val­u­a­tion an al­ter­na­tive to the re­forms, said Pa­tron Is­lam­abad Chamber of Small Traders Shahid Rasheed Butt in a state­ment is­sued here.

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