Karachi: In a bid to ease the burden on the former’s growing current account deficit, Pakistan would soon start trading with Afghanistan in rupees.
According to media reports, Pakistan’s Minister of Finance and Revenue, Shaukat Tarin told the Senate Standing Committee on Finance that trade with Afghanistan would be in rupee now as the government wanted to save its dollar reserves.
Ahmad Jawad, Pakistan Businesses Forum’s vice president, called it a good move for the country’s importers too.
“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 added.
“The Pakistan government must form a task force with representatives of the commerce ministry and other financial bodies to prepare a list of countries with which Islamabad could consider trading in rupees,” Jawad added.
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