Hafeez Sheikh questions stagnant export rate in meeting with traders

KARACHi: Advisor to Prime Minister on Finance, Revenue and Economic Affairs, Hafeez Sheikh who is in Karachi today, Thursday held a meeting with the businessmen and traders of the country where things got a little heated, ARY News reported. 

Sheikh in the meeting with the traders questioned the lack of growth in export sector for past 5 years.

Hafeez Sheikh admonished traders when they asked for concessions. He said that the traders had failed to register growth in the export sector.

“How much growth should I expect if I grant the benefits?” inquired the chief financial advisor.

The attendees reportedly remained silent on the inquiry.

The traders and businessmen opined that the increasing rates of dollar against the Rupee have hampered growth rates of export items.

“Export rates are dependent upon the imports,” rebutted the traders.

To this Sheikh replied that the state was not responsible for the fluctuating exchange rate.

“Controlling and maintaining the exchange rate is the State Bank’s responsibility,” said the financial advisor.