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Pakistan Business Forum Seeks 15% Rebate On Exports To Ease Currency Woes

  • Posted on November 27, 2023
  • News
  • By Haroon Ameen
  • 40 Views

The Pakistan Business Forum (PBF) has advocated for a 15 percent rebate on export orders for a duration of one year to invigorate the country's exports.  


Emphasizing the need to augment dollar inflows from exports and remittances, the PBF aims to alleviate the strain on the Pakistani Rupee (PKR), which has depreciated by over 40 percent since 2022. 


Ahmad Jawad, Vice President and lead organizer of PBF, stressed the importance of a transparent rupee policy from the government to provide clarity and support for traders and industries.


Proposing a 15 percent tax refund for exporters over the next year, Jawad anticipates that such measures could bolster foreign exchange acquisition and enhance competitiveness vis-a-vis regional counterparts, especially Bangladesh, which has seen growth in its export sector. 


Expressing concern about Pakistan's declining exports in contrast to Bangladesh's success, Jawad attributed the rupee's depreciation to speculative trading, regulatory oversights, and forex market mismanagement, making PKR one of the weakest currencies in Asia since 2022. 


Meanwhile, Muhammad Naseer Malik, PBF Punjab Chairman, highlighted the challenge of securing external finance to meet foreign outflows. He pointed out that the current high yields have restricted tapping into the international Sukuk and Eurobond markets. PBF Balochistan Chairman, Daroo Khan Achakzai, emphasized the government's imperative focus on increasing dollar inflows to alleviate the current account deficit.  


He expressed unprecedented levels of volatility and fluctuation in the money market, underscoring the necessity for a strategic approach to address these challenges and stabilize the economic landscape. 


The Pakistan Business Forum (PBF) is urging the government to implement a 15 percent rebate on export orders for a year to boost the nation's exports, seeking relief from the significant depreciation of the Pakistani Rupee (PKR) by over 40 percent since 2022.


PBF emphasizes the necessity for a clear rupee policy and calls for tax refunds to enhance foreign exchange acquisition, enabling Pakistani exporters to compete more effectively, particularly against regional counterparts like Bangladesh. 

 

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