Ijaz Kakakhel Islamabad
A legislative body of Upper House of Parliament on Wednesday was informed that rising demand of dollars among the masses and import uplift are the primary drivers in dollars fluctuations.
The revelation was made during the meeting of Senate Standing Committee on Finance and Revenue, which was held here at Parliament House while Senator Saleem Mandviwalla was on Chair.
The Senate Committee was briefed on consistent fluctuations in dollar price. Dr. Inayat Hussain, Deputy Governor SBP, pointed out that rising demand of dollars among the masses and import uplift are the primary drivers in dollars fluctuations.
The Chairman Committee was of opinion that SBP should take precautionary measures to ensure dollar stability and discourage masses from unnecessary dollars purchases. Additionally, he highlighted the matter of LCs opening to import EV Cars and maintained that Government should prioritize import of EV cars over the average fuel cars as it will contribute majorly in averting the climate crisis.
Furthermore, the senate body deliberated on starred question related to status of assets declared by Officers of Inland Revenue and Customs at the time of appointment and their current status. Senator Saifullah Sarwar Khan Nyazee inquired about the mechanism to monitor the assets of Inland officers.
Chairman FBR apprised that Officers failing to declare their assets would not be eligible for performance allowance and promotion. However, there is currently no specific mechanism in place to verify the assets of inland and customs officers, he added.
The Committee recommended that FBR should develop a comprehensive mechanism to determine the assets of it’s officials.
In addition to that, the committee was briefed on the present status of EXIM Bank. Dr. Inayat Hussain, Deputy Governor SBP, informed that Board Members of EXIM Bank have been notified.
