(News)

Pakistan will come out from deficit to surplus which shows positive step in economy -Ameen Yousuf Balgamwala

 

PRESS RELEASE

 

State Bank Governor Dr Reza Baqar has agreed in principle the suggestion given by PCDMA for removal of restriction of Advance Payment of US$ 10,000 and  the importers can make advance payment of US$ 10,000 from banks after the withdrawal of restriction of Advance Payment. State Bank has imposed restriction in 2018. Governor State Bank has said in a meeting two days ago with a delegation of PCDMA led by its Chairman and Ex Director of Pakistan Stock Exchange Mr. Ameen Yousuf Balgamwala . Vice Chairman Mr. Asif Ebrahim,Ex Chairman Mr. Haroon Agar, Ex Chairman Mr. Arif Balgamwala, Ex Chairman Mr Nasir Fateh Kukda,Ex Chairman Mr. Arif Kapoor and Senior member Mr Hafeez Mohammad were also present in the meeting.

Dr Reza Baqar has said that economy of country is going in right direction and we can see improvement and stability in economy in coming days and we have done more then what IMF has set for us which shows positive step. On reply of fluctuation of currency he said it depend on market which settle its worth but State Bank definitely monitor the situation if it will be not normal so that we will  stop artificial increase. He said the things will improve by increase the no of Tax Payers and we can flourish the economic activities by documentation of economy and give the facilities to SME.      

PCDMA Chairman and Ex Director of Pakistan Stock Exchange Mr. Ameen Yousuf Balgamwala has give in  detail of problems faced by Commercial Importers and said that Commercial Importers has faced problems in opening of LC and  bank Contract by imposing the restriction of Advance Payment of US$ 10,000/- and it should be resorted. He made detail discussion of currency fluctuation, interest rate and current situation of economy and said that meeting with Governor State Bank will beneficial and fruitful and hopes that Pakistan will come out from deficit to surplus which shows positive sign of economy. He also invited State Bank Governor to visit PCDMA which accepted by Governor of State Bank of Pakistan and delegation of PCDMA has said that meeting is satisfactory and fruitful