Islamabad, March 10, 2023 (PPI-OT): The Pakistan Economy Watch (PEW) on Friday said the country’s economy has been deliberately destroyed to achieve political goals. Strict legal action should be taken against the so-called experts who paralyzed the country’s economy in an attempt to artificially control the value of the dollar, it said. Masses should be taken into confidence about the pending IMF deal instead of keeping the nation in the dark, said Dr. Murtaza Mughal, President of PEW.
He said that the capital flight has been happening long before the talent flight from the country. Dr. Murtaza Mughal said that almost every notable politician, businessman, and bureaucrat considers it their right to buy lavish properties in other countries and open dollar accounts, which is bleeding the fragile economy white.
He said that a former finance minister has revealed that dollars are being smuggled into Afghanistan in large quantities but no one dares to lay hands on these smugglers. Now, apart from Afghanistan, currency smugglers have found the lucrative Iranian market where demand for dollars is high, he added.
Pakistan’s economy is being destroyed due to the smuggling of dollars, but there is no one to stop these influential smugglers. Dr. Mughal said that earlier most of Iran’s dollar needs were met from Iraq, but now the United States and the Central Bank of Iraq have started to stop the trend in which they have been successful up to 80%, which has badly affected the Iranian currency.
Urban inflation in Iran has crossed 55 percent and the demand for the dollar has increased greatly which has become an unexpected boon for the smugglers. Currency smugglers having the right connections are busy digging the foundations of the country for profit. If currency smuggling was not stopped and negative policies were not reversed the US dollar will soon reach to the mark of Rs300, the price of petrol and electricity will have to be increased and the interest rates will have to be hiked, he warned.
For more information, contact:
President,
Pakistan Economy Watch (PEW)
402, 4th Floor, Gulistan Khan House, Fazal-e-Haq Road,
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Email: president@pakistaneconomywatch.com
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