KARACHI: The Pakistani Rupee will be de-linked from the Pound Sterling and aligned to the US dollar from today [Sept 16], according to a State Bank of Pakistan announcement. ... A Press Note ... explained that the step had been taken in the context of present international currency situation with a view to “maintaining the competitive position” of the country’s exports to world markets.
The decision was particularly welcome to the business community because the alignment of the Pakistani Rupee with the American dollar, in their view, would readily offset the loss which Pakistani exports were liable to incur as a sequel to the 10 per cent surcharge levied on most imports into the United States. — Staff correspondent
[Meanwhile, as reported by the newspaper’s staff correspondent from Lahore] The Council Muslim League Chief, Mian Mumtaz Khan Daultana, expressed the view today [Sept 16] that in the interest of timely restoration of full democracy, the constitution should be given by President Yahya but it would require full sanctity and democratic authority only after it had been approved by the National Assembly. … If the task of constitution-making was assigned to National Assembly, it might only delay and complicate the process of democratisation.
Published in Dawn, September 17th, 2021