As Pakistan rupee is experiencing a freefall producing multidimensional economic consequences with everyone in the country already struck by the inflation. Chief of Army Staff Gen Asim Munir promised transparency in exchange rates and bringing currency exchanges into the tax net.
The statement is of great significance as the difference between the Pakistan rupee and the US dollar in the official exchange rate and open market is widening, which is even higher in the black market.
As per LCM Industry (LCCI), the army chief expressed these views in a meeting with the business community at the Corps Headquarters in Lahore. They discussed various issues about the economy and their impacts on the country.
“The money exchanges would be brought under the purview of taxation, fostering transparency in dollar exchange and interbank rates,” Gen Asim said.
In the current state of affairs and the resultant statement, one has to remember that the IMF condition relating to the market determining the exchange rate is responsible for the rupee depreciation.
