Chairman of Exchange Companies Association of Pakistan (ECAP), Malik Muhammad Bostan, stated that over the past six months, the overall value of the US dollar has decreased in the country. During this period, the dollar has fallen by 9 rupees against the Pakistani rupee, dropping from 340 rupees to 281 rupees. He said that very soon the dollar will return to its real value of 250 rupees in Pakistan, and that temporary minor fluctuations do not carry any real significance.
Malik Muhammad Bostan said that in the coming days, Pakistan’s defense exports are increasing, and there is strong global demand for Pakistan’s JF-17 Thunder fighter aircraft. Approximately 15 countries are lined up to purchase these aircraft, and Pakistan has already conveyed that it will supply JF-17 Thunder jets to all of them. He described this as a great blessing from Allah for Pakistan, stating that since Pakistan’s armed forces destroyed India’s Rafale aircraft, international demand for the JF-17 Thunder has risen significantly.
He further stated that the stock market is currently at record highs, having risen from 46,000 points to over 186,000 points. Similarly, Pakistan’s foreign exchange reserves, which were below $3 billion in 2022, have now risen to over $21.26 billion. Therefore, it would be unfair to say that the country’s economy is not stable. In reality, compared to three years ago, Pakistan today appears to be in a much stronger position. When a building collapses, it takes time to rebuild it. Pakistan’s economy had once been severely damaged and the country had come close to default, but now discussions are taking place about the dollar returning to the level of 250 rupees — and he reiterated that the dollar will indeed reach 250 rupees.
Malik Bostan said that Pakistan’s exports have certainly declined, mainly due to climate change and repeated floods over the past three years, which destroyed crops and reduced agricultural output, thereby affecting exports. However, he expressed confidence that Pakistan’s exports will increase in the coming days.
He further informed that last year more than 700,000 Pakistanis went abroad, including nearly 400,000 laborers. In addition, about 12,000 technical staff, 6,000 technicians, 6,000 doctors, 5,000 accountants, and approximately 18,000 highly educated professionals also left the country. As a result, there is strong demand for skilled Pakistani workers abroad. The departure of these workers will increase remittances to $45 billion, which will strengthen Pakistan’s economy, the Pakistani rupee, and the country’s foreign exchange reserves.
