Islamabad ,: Nov 29 : Malik Bostan Khan, Pakistan ‘s top currency dealer, has called Bloomberg ‘s assessment report on Pakistan currency rate to a dollar as “a fiction’ that could be aimed at hurting Pakistan’s economic interests.
Talking to NEWSMAN , Malik Bostan Khan on Wednesday said “Sometimes evil characters use media institutions like Bloomberg to hurt economic interest of a country which they feel was making smooth sailing in difficult times and I believe Bloomberg ‘s report on Pakistan ‘s currency exchange rate to a US dollar is an attempt aimed at damaging Pakistan’s fiscal interests”.
Mr Malik noted Pakistan’s economy is performing well and it was acknowledged by the International Monetary Fund (IMF) in its last review. He said IMF has revised Pakistan’s currency exchange rate to a dollar to Rs 290 for 2024 . Mr Bostan said Bloomberg report on Pakistan’s currency rate to a dollar is in total contrast to its last month report wherein it said Pakistan’s currency is a fast growing in the South Asian region.
Pakistan’ s top currency dealer referred various factors in support of his arguments. For example , he said Pakistan ‘s exports touched a $ 2.75 billion mark in October last and for the same period its remittances touched $ 2.5 billion level. Mr Bostan said Pakistan is going to fetch $ 50 billion foreign direct investment (FDI) in 2024 and these all factors will contribute to help Pakistan ‘s currency exchange rate verses US dollar in 2024. Pakistan is going to get $2 billion from the international monetary institutions and meanwhile IMF is expected to accept Pakistan ‘s case and approve release of $ 710 million installment when its board of directors (BoD) meets on December 7, 2023.
Bloomberg in its latest report had claimed that Pakistan’s currency rate to a dollar may go down to Rs 350 in 2024. With coming in of caretakers , Pakistan’s currency has shown great performance in the last six months . Better and sensible decisions of the caretakers have helped Pakistan’s currency come out of the grey area and bounce back form Rs 335 in July -August this year to Rs 285.25 on November 29, 2029.
It was Shahbaz Sharif led coalition government whose selected and ill-intended decisions ducked Pakistan ‘s currency to lose ground to a US dollar. Bloomberg might have spoken to Mr Ishaq Dar better known as Mr Dollar to make a case to assess Pakistan’s cureency rate to a dollar at Rs 350 in 2024.
