President, Pakistan Businesses Forum (PBF) Mian Usman Zulfiqar lauded the historic judgment of the Supreme Court of Pakistan. In the past we have seen that in such decisions the doctrine of necessity prevailed but it has happened for the first time that the judges completely stood by the Constitution and gave a historic judgment.”
Talking about the future, he said the judgment had made it clear that in future any government functionary would be cautious while taking any unconstitutional step and decision.
He said the verdict had set a precedent that the Constitution is supreme and no one is above the law.He said SC decision would give confidence to the investors and economic wheel of this country could revive accordingly.
“Today even we witnessed that rupee strengthen against dollar up to Rs 4 in a single day”.Commenting on policy rate, the PBF official rejected the State Bank of Pakistan’s policy rate hike by 250 basis points to 12.25 per cent, stressing the cost of doing business, which is already up due to the volatile exchange rate, will further come under pressure.
President, Pakistan Businesses Forum (PBF) Mian Usman Zulfiqare further viewed ‘I failed to understand how the policy rate will curb food inflation as the high-interest rate and rupee depreciation will increase the cost of doing business’.
However PBF President disappointedly says Governor SBP has assumed role of silent spectator on steep fall of rupee against dollar especially in the last couple of days.
