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Dar says US dollar's real value is below Rs200

The minister says the greenback is losing value continuously without any action



Dar says US dollar's real value is below Rs200
GNN Media: Representational Photo

Islamabad: Finance Minister Ishaq Dar has said the real value of the US dollar is below Rs200 and that the greenback is losing its value without any stick action.

Talking to reporters, he said the dollar started declining against the local currency since he boarded the plane.  

"I am thankful to the currency market for bringing down the dollar in value," he said , adding the previous government had left the dollar unattended that caused devastation.

Dar said the currency market is now functioning well, adding Pakistan has received benefit of Rs2,600 billion in public debt because of weakening of dollar.

The minister urged the exporters to increase exports with more than 12 per cent ratio.  

Dar announced a power subsidy package for Pakistan’s export industries with per unit electricity cost set at Rs19.99.

He said the annual burden of the subsidy would amount to around Rs90-100 billion, adding that the “all-inclusive” package was announced for the five major exporting sectors, and not just the textile sector.