Buy local products to ease pressure on rupee, president urges citizens | Pakistan Today

Buy local products to ease pressure on rupee, president urges citizens

KARACHI: President Arif Alvi on Sunday said citizens should buy products made in Pakistan and avoid luxury goods imported from abroad.

“Considering pressure on Pak rupee, I urge Pakistanis to buy ‘Made in Pakistan’,” the president wrote on Twitter.

“In this time of crisis, we must try to avoid luxury goods and avoidable imported purchases. If you put your mind to it there is a long list of daily use imported products. This is what we must do together,” he added.

On Friday, the rupee suffered another sharp devaluation in the inter-bank market , dropping to its lowest value ever against the US dollar at Rs144 before the State Bank intervened to raise its level to Rs136.5-137.5, as the finance minister denied that the sudden fall in the currency’s value was linked to negotiations with the International Monetary Fund (IMF) for a financial bailout package.

This marked the sixth time since last December, that the central bank has allowed the rupee to depreciate against the greenback as inflationary pressure, rising fiscal and current account deficits alongside stagnant exports compelled it to take this move.

According to a Fitch Solutions report last week, Pakistan’s economic growth will slow down over the coming quarters and projected it to be 5.4 per cent for FY19 compared to 5.8 per cent in FY18.

Related posts