Promote external trade in non-dollar currencies: Altaf


Pasban Democratic Party PDP Chairman Altaf Shakoor here Sunday said that to fight the ongoing economic crisis and lessen pressure on Pakistani rupee it is necessary to opt for external trade in non-dollar currencies whenever possible.

He said it is a fact that the US dollar is dominant in global trade but it is also possible that bilateral trade with Russia, China, Iran, Gulf states and many countries could be done in non-dollar currencies.He said Pakistan could hugely appreciate the value of Pakistani rupee if the trade with China is done Chinese Yuan. He said similar practice could be adopted in trade with central Asian republics, Russia, Iran, Gulf states and other countries where possible.

He said we should not put all our eggs in dollar basket but also promote bilateral trade in other currencies also.Altaf Shakoor said that dollar-trade dominance and killer debt trap have destroyed our economy and made us a slave of global capitalist system led by the USA. He said the international lending institutions are only interested in sucking the blood of the poor countries like Pakistan. They have nothing to do for our welfare or progress or wellbeing of our poor masses. They have their own axe to grind.Quoting the UN Security General Antonio Guterres at LDCs moot at Doha he said the rich countries are exploiting the poor nations cruelly. He said that the wealthy nations should provide $500 billion a year to help others “trapped in vicious cycles” that block efforts to boost economies and vital services.

He said the UNSG is right when he says that the poorest nations are being left behind in the “digital revolution”, and our global financial system is designed by wealthy countries, largely to their benefit. Deprived of liquidity, many poor countries are locked out of capital markets by predatory interest rates.Altaf Shakoor said that no one would come for our rescue and we ourselves have to salvage our failing economy.