US dollar to come down Rs8-9, Shaukat Tarin claims

Islamabad: Adviser to the Prime Minister on Finance Shaukat Tarin has claimed that the dollar will come down from eight to nine rupees, the government is taking steps that will further strengthen the country's currency.

While talking to the media, Shaukat Tarin said that if we do not refinance, something else will have to be done. 

Shaukat Tarin said that the real effective exchange rate should be close to 165, 166. Our money is undervalued by Rs10. There were rumors that lockers would be seized, but no such thing will happen, he added.

The advisor to PM stated that the government will not allow any increase in taxes and that no new taxes will be imposed. "Only tax exemptions will be abolished and all taxes on petrol have also been abolished. All the benefits of reduction in oil prices will be passed on to the people," he said.

The finance advisor said urged people not to pay attention to rumors. He assured that the value of the rupee will not decrease any further, warning those who are thinking that they will earn from the dollar that they will be hit hard when the value of the dollar comes down.

These speculators will be shocked when the value of the dollar decreases, he commented.

Tarin then spoke about small and medium-sized enterprises (SMEs) being the backbone of any country. There are 400,000-500,000 SMEs in Pakistan, he said.