Cut in prices of petroleum products, LPG to control inflation: Mian Zahid

KARACHI - Chairman of National Business Group Pakistan, President Pakistan Businessmen and Intellectuals Forum, and All Karachi Industrial Alliance, and former provincial minister Mian Zahid Hussain has said that a remarkable reduction in the prices of petroleum products, cooking oil, flour and LPG will help to control inflation which has crossed 38 percent. In a statement issued here on Friday, the business leader said that a reduction of 18 rupees in the value of the dollar in the open market is temporary. According to government instructions, credit card payments will now be made from interbank instead of open market, as a result of which the demand for dollars will be transferred from open market to interbank and due to the increase in payment pressure, the rate of dollar will increase in interbank. Mian Zahid Hussain said that the new directions will reduce the rate difference between the two markets, which had reached to around Rs30. He said that increased interbank dollar value will benefit exporters, while overseas Pakistanis will also incentivize to send money through banking channels and the government will have more dollars than before. The business leader said that in the next six months, the government also has to pay about 10 billion dollars of imports by the private sector on a 365 days loan, which is a serious problem. 

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