In light of 'pressure on rupee', President Alvi urges nation to buy local products
President Arif Alvi on Sunday urged the nation to buy local products in an effort to ease the 'pressure on the Pakistani rupee'.
"Considering pressure on [the] Pakistani rupee, I urge Pakistanis to buy 'Made in Pakistan' [products]," he shared via Twitter. "In this time of crisis, we must try to avoid luxury goods and avoidable imported purchases. If you put your mind to it, there is a long list of daily use imported products."
"This is what we must do together," added the president.
His tweet comes a few days after devaluation of local currency against the US dollar was witnessed in interbank trading.
The US dollar opened at Rs142 on Friday while the local currency further devalued by Rs2 to Rs144. At the close of trade, the exchange rate sat at Rs140 to a dollar for interbank trading as per the State Bank of Pakistan (SBP), and the weighted average rate at which different banks were transacting dollars for their customers was at Rs140, after closing at Rs134 the day before.
Later in the evening, the SBP released its bimonthly monetary policy statement in which the bank announces any changes to the policy discount rate, the key rate that determines all other interest rates in the country, as well as providing a snapshot of the state of the economy. The bank surprised markets by announcing a 1.5pc increase in the discount rate bringing it to 10pc, larger than anyone had expected, and the largest increase since the cycle of monetary tightening began earlier this year. The discount rate was 5.75pc at the start of the year when monetary tightening began.
“The near term challenges to Pakistan’s economy continue to persist,” the SBP said, citing the fiscal deficit (difference between state’s revenues and expenditures), rising inflation and low foreign exchange reserves as the key challenges.
The SBP said the trade deficit, which was at the heart of Pakistan’s external sector problems that are driving the country towards another IMF programme, would only be addressed if competitiveness of the export sector was addressed.
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Comments (53) Closed
Dec 02, 2018 01:21pm
The poor masses cant fulfill their basuc needs. Hence they expect to buy imported goods. The uppee class of society including politicans, buainessmen and top bureaucracy is responsible for mess. But poor masses are effeted badly.
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Dec 02, 2018 01:21pm
The day I see you and other at the helm roaming around in Mehran believe me you would not have to preach! Problem with PTI is they say the right thing but when it comes to implementation most often they fail. Now look at the new truck ki bati, ' Tear down the wall Mr. Governor and put Iron bar instead', with the tax money of this poor nation. What is going on, do not they think over?
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Dec 02, 2018 01:22pm
Do Pakistan even manufacture anything locally?Even if they might be producing handful of stuffs, soon they will be replaced by chinese products.
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Dec 02, 2018 01:22pm
Pakistani manufacturers must produce quality products first at competitive price. This can't be one way business!
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Dec 02, 2018 01:24pm
Thats all you can give to the nation? An advice to use local products? What happened to the strategies you had been sharing during last govt tenure to tackle economic crisis within days?
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Dec 02, 2018 01:33pm
Our govt should ask fund for betterment of rupees like he does in dam case.i want contribute to 0.5 million if govt ask.
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Dec 02, 2018 01:35pm
And we urge you and your government to manage the economy better. We are getting poorer day by day due to devaluation. There have been no positives in the economic situation so far. And also just so you know Mr President, even things made in Pakistan have a large % of imported material so there is no escaping global trade.
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Dec 02, 2018 01:39pm
If Pakistan boycott foreign products, KSA and China only suffer
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Dec 02, 2018 01:46pm
As a practical example, all ministers and the president himself shall ride on local assembled cars. Otherwise such words and sermons are useless.
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Dec 02, 2018 01:48pm
WHY? Why is Pakistan in this sorry state of affairs? Why is Bangladesh, once considered as one of the poorest countries of the world, has now a higher GDP than Pakistan, doing fairly well till the 80's? All other explanations can be traced to one and only one reason.
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Dec 02, 2018 02:06pm
I would like to buy my new iPhone made in Pakistan. Will our President tell us from where?
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Dec 02, 2018 02:06pm
Local products my foot ....... Indian politicians too repeat this sermon now and then ....., but Chinese cheap products have virtually invaded and captured the local markets. Where and what is there to by made by locals.
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Dec 02, 2018 02:07pm
The President must suggest the nation for hard work,honesty,good governance,vision,education and health.
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Dec 02, 2018 02:07pm
Pakistanis must cultivate more patriotic sense in their hearts and should always give top priority to nation' s best interests and benefits. By buying locally made merchandises and local produces, you help your nation in tremendous ways i.e. sustain farmers' earnings, create more jobs resulted in less crimes and social issues such drugs addictions etc, reduce trade deficit on imports and boost exportings etc. The government should launch vigorous campaigns on medias to encourage Pakistanis to buy "made in Pakistan" and educate them of how buying "made in Pakistan" would help and benefit the nation's economy. Schools can also play vital role in cultivating love and patriotic sense to children in young age!
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Dec 02, 2018 02:13pm
Everything in Pakistan is made of China, do we have any other Options...??
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Dec 02, 2018 02:21pm
Instead of that, how about you do your job and fix the economy to increase exports.
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Dec 02, 2018 02:23pm
Agree apply total ban on imported pulses , powder milk & dairy products
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Dec 02, 2018 02:49pm
I’ll definitely do my part and buy local products, rather than complain like most of us do.
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Dec 02, 2018 02:55pm
Whilst I agree that we should try our best to avoid imported products wherever possible, Dr Alvi should better understand the reasons behind purchase of imported items.
People don't always buy imported products just for the sake of them but in most cases they don't have an option than to buy imported e.g. ediblle, toiletry and cosmetic products to safeguard their health and well-being. With due respect, can I ask Dr Alvi to buy a toothpaste from a corner shop in a middle class suburb or some cosmetic products from Shah Alim market, Lahore, and see if he feels comfortable using these? It's easier said than done!
We need to improve and maintain the quality of local products through stringent regulations before encouraging public to buy local products.
Programmes on mainstream channels highlighting worse standards of local products are living examples of what is happening in our society.
I'm pretty sure PTI government will address these issues in due course.
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Dec 02, 2018 03:02pm
Expand Utility Stores and CSD and promote Pakistani products
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Dec 02, 2018 03:07pm
Let’s start from your goodsrlf sir. Kindly take back all Mercedes Benz bullet proof cars from your ministers and give them Pakistan made United Bravo. We will follow you sir.
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Dec 02, 2018 03:18pm
This message is primarily for rich elite, who can afford luxury branded cloths, cosmetics, handbags and iPhones, etc. An ordinary person cannot afford them, the question is: will our rich elite will take notice - I don't think so!
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Dec 02, 2018 03:37pm
But the PM has advised just one day ago that there's nothing to worry about ad dollar increases in price.
So whose advice should be taken as right.
Anyone who rises to power would never understand what to do for the people rather they will keep on advising and suggesting to the people.
All benefits and rewards go to them while all losses and sufferings go to poor people.
Is this the new Pakistan ?
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Dec 02, 2018 03:44pm
What is made in pakistan ?
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Dec 02, 2018 03:47pm
If we stop or reduce consumption of imported items our imports will go down so will the flight of $ it’s as simple as that , no rocket science.
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Dec 02, 2018 04:13pm
If Pakistanis were making any products we would gladly buy them. Unfortunately, our governments had never given focus on manufacturing goods within the boundaries of Pakistan. They always beg for dollars, Yens, and riyals. If they had spent that money giving loans to local manufacturers they could have expanded their operations throughout Pakistan.
This is how you build up an economy.
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Dec 02, 2018 04:21pm
Unfortunately, the local products and services are below par and well below the global stringent standards. As long as the domestic products and services are not compatible with international counterparts, what else can the hapless and helpless people of the Islamic Republic of Pakistan do but to go for foreign made goods and services?
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Dec 02, 2018 04:23pm
Oil makes up 23% of our imports and his government has made petrol and diesel cheaper. If he really wants us to reduce consumption of imported products how about increasing the price of fuel? People respond to price signals more than anything else.
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Dec 02, 2018 04:56pm
I 100% agree with President but do we have local products of basic needs? Aren't we rely on China on everything? Aren't we killing our local industries, aren't we killing our local businesses without providing alternate options?
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Dec 02, 2018 05:04pm
I just wonder what car does Mr. Alvi travels on.. it is locally made or it is an import...
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Dec 02, 2018 05:11pm
Stop using Chinese goods to start with.
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Dec 02, 2018 05:21pm
We cannot buy local products until we develop our industrial sector and free the industrialists from clutches of bureaucracy
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Dec 02, 2018 05:22pm
What is available locally?
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Dec 02, 2018 05:38pm
How many imported items are present in the presidential residence? In the kitchen, for example.
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Dec 02, 2018 05:38pm
The remedial course is not to suggest to people to buy local but ban import of all luxury items or triple or even quadruple tax/duty on imports.
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Dec 02, 2018 05:45pm
@Imran, Suzuki Mehran is a Pakistani car?
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Dec 02, 2018 05:50pm
The population is addicted to everything foreign.
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Dec 02, 2018 06:28pm
It is like saying, if you don't have bread eat cake.
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Dec 02, 2018 06:46pm
Govt. needs to increase tariff on imported goods and REDUCE the duty/ tax on locally manufactured goods.
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Dec 02, 2018 07:48pm
If we love our country and love to see a strong Pakistan then President's call makes sense.
The flip side of rupees devaluation is to increase EXPORTS as our goods are cheaper in FOREIGN countries AND We can earn more foreign exchange.
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Dec 02, 2018 08:11pm
@Jawaid, .Remember the Cars & Cosmetics, If all used the locally made, our trade deficit will erode.
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Dec 02, 2018 09:56pm
what about petrol? Should we use water instead of petrol
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Dec 02, 2018 09:58pm
What about 200 billion dollar ?you promised to bring after coming in power which you promised
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Dec 02, 2018 10:13pm
With this speed of suggestions, the president will soon ask the nation to eat beans and only two meals a day!
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Dec 03, 2018 01:57am
Happy President...
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Dec 03, 2018 03:20am
Though super wealthy are exempt from such guidance!
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Dec 03, 2018 04:11am
Alvi sahib do you use Pakistan made products ?
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Dec 03, 2018 04:14am
@Ashton, Do Americans make anything of household ? They also get everything from China !
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Dec 03, 2018 07:05am
Then ban all imported vehicles and unnecessary food items, clothing and furniture from overseas.
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Dec 03, 2018 07:08am
Then ban all imported vehicles, food items, clothing,furniture and bicycles. Support local businesses and jobs.
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Dec 03, 2018 07:24am
And he said so in english...
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Dec 03, 2018 07:58am
I agree with , that is to live within our means and tighten our belts.PTI is doing what it is saying, giving up luxury for simplicity.So the example is there but it is not enough.PTI must live up to its promises of getting the looted wealth by PPP and PMN leaders not by words but action.
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Dec 03, 2018 01:15pm
@Kamal, "With this speed of suggestions, the president will soon ask the nation to eat beans and only two meals a day!" He will not, if you stop complaining about economic hardship. What will you suggest to someone living a luxurious life and complaining that he cannot meet the ends?
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