Pakistan Businesses Forum (PBF) on Tuesday urged the authorities concerned to take measures for trade with Afghanistan in Pak rupee, a move that can ease the country’s burgeoning current account deficit. Talking to the media, PBF Vice President Ahmad Jawad said it would also be a good move for Pakistan’s importers to deal in rupee. “In a currency swap arrangement, countries that buy from each other pay in their respective currency at a pre-determined exchange rate instead of trading in US dollar. This helps save foreign exchange and strengthens their currencies,” he explained. He said the government must form a task force with representatives from commerce ministry, State Bank of Pakistan and Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to prepare a list of countries with which Pakistan could consider trading in rupee. The country had started importing coal from Afghanistan and government was paying for the coal in rupees and supplying it to the coal-fired power plant in Sahiwal and Hub power plant, and helped Pakistan save USs2.2b on import bill annually. The scope of trading under currency swap should be enhanced for other items too.
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