Prime Minister Imran Khan set up a committee on Wednesday to control devaluation of the local currency and capital flight from Pakistan.
According to Dawn, the committee was set up a day when the value of the US dollar against the rupee touches an all-time high at 148.
Adviser to the PM on Finance Dr. Hafeez Sheikh chaired the committee during a meeting which also included State Bank of Pakistan (SBP) governor and members of the Exchange Companies Association of Pakistan (ECAP) explained PM Khan about various factors involved in capital flight and devaluation of the rupee against the dollar.
The committee has been tasked to establish the provision which was proposed by ECAP for carrying $10,000 by anyone who travels abroad from Pakistan can be reduced to $3,000.
ECPA president Malik Bostan stated that he along with a delegation have presented proposals to the prime ministers on how the government could control the devaluing rupee rate.
Mr Bostan quoted the prime minister as saying that Pakistan had to face humiliation before the world when the value of its currency fell against the dollar.
Mr Bostan said he told the premier that there was no shortage of foreign exchange in Pakistan, but it required proper management. “We informed the prime minister that during the last 23 years $160 billion was sent abroad from Pakistan while total foreign debts of the country stood at $100bn.”
