Daily Times

Insensitive, reckless, and fictitious statements made by the Governor SBP about the depreciating value of the Pakistani Rupee and how it benefits Pakistan have been denounced by Mian Nasser Hyatt Maggo, President FPCCI. Pakistan’s business community expects the State Bank of Pakistan to be run by someone with greater competence and accountability, he said.

After making a series of reckless pronouncements and failing to keep the rupee’s value stable, Mian Nasser Hyatt Maggo claimed that now we know why the rupee has dropped so much in value so quickly.

Pakistan has benefited by $3 billion as a result of recent devaluation in Pakistani rupee, according to FPCCI Chief. He went on to say that the facts on the ground contradicted the SBP chief’s claims. Economic growth should be encouraged and economic indicators should be stable, according to Mian Nasser Hyatt Maggo, but monetary policy hasn’t done any of those things. According to FPCCI Vice President Nasir Khan, Pakistan’s society and economy are suffering as a result of the currency’s relentless depreciation. This can’t go on, and the Prime Minister needs to step in immediately to stop the decline of the Pakistani Rupee’s value for the sake of the country as a whole. Nasir Khan argued that the government should stop making excuses and combat local and imported inflation with sound monetary and fiscal policy.

According to Mian Nasser Hyatt Maggo, there isn’t much of a case for keeping the current Governor SBP in place. Since SBP’s policy structure is completely unjustifiable, it would be better for him to just give up. Also, Mian Nasser Hyatt Maggo has requested a legally binding investigation into SBP’s recommendation of wide-ranging tax benefits for non-resident corporations in order to attract high-yield government debt investments in favour of specific foreign commercial banks. When Governor SBP was in Egypt, he behaved in much the same way.