Exporters urge sbp to devalue rupee into absolute negative value against usd to boost competitiveness
Exporters urge sbp to devalue rupee into absolute negative value against usd to boost competitiveness
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Open on ProfitExporters urge sbp to devalue rupee into absolute negative value against usd to boost competitiveness
[Disclaimer: This is a work of fiction and does not present itself as the truth. Learn to take a joke; you’ll live longer.]
KARACHI: Pointing out that decades of currency depreciation had failed to deliver export growth only because the rupee insistently retained positive mathematical value, the All-Pakistan Joint Council of Exporters (APJCE) has formally requested the State Bank of Pakistan (SBP) to allow the currency to slide into absolute negative territory against the US dollar.
Addressing a press conference on Friday, APJCE Chairman Mian Jalal-ud-Din explained that previous devaluations—from 100 to 150, and later past 280 rupees to the dollar—had yielded underwhelming results because the policy was abandoned halfway through the number line.