‘Cash in’: Finance minister warns exchange rate about to ‘fall’

Saturday, December 14th, 2013 5:00:29 by

LAHORE: Finance Minister Ishaq Dar on Saturday warned that those banking on dollars should “cash them in” soon, with the exchange rate expected to drop soon, Express News reported.

Dar was addressing a function by the All Pakistan Textile Mills Association (APTMA) in Lahore on Saturday. He reiterated that the government was making efforts to bring the exchange rate down again.

With the country having won duty-free access to European markets under the General Scheme of Preferences Plus (GSP Plus) earlier this week, Dar urged textile sector to avail full advantage of the opportunity through value addition, Radio Pakistan reported.

The Finance Minister assured that the government was fully committed to extend all facilities and assistance to the private sector including ensuring energy supply and availability of funds for the purpose. The government also did a u-turn on the gas supply schedule to industries in Punjab this week.

Dar assured that after securing preferential market access for Pakistani textile products from EU‚ the government would not focus on seeking more access to US market. However‚ he pointed out that as per US officials there were many items that Pakistan can export to the US without any major concession.

The Minister noted that there seems to be lack of information and study on the concessions and the Prime Minister had tasked Minister of State for Commerce Khurram Dastgir to remove such ambiguities to increase exports to US market.

Dar also urged investors to take advantage of the incentives and concessions announced recently by the Prime Minister under which the Government would not inquire about source of investment for new projects or expansion of the existing ones if they come on line by June 2016.

Lahore News Sources -2

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Short URL: http://lahore.newspakistan.pk/?p=46032

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