During the 259th Corps Commanders’ Conference at GHQ in Rawalpindi, the military’s senior leadership pledged wholehearted assistance to the government in curbing illegal activities that hinder economic growth, stability, and investor confidence. They also reaffirmed their full support for ongoing socioeconomic growth efforts under the Special Investment Facilitation Council. Additionally, there was an emphasis on accelerating economic development in newly merged districts (NMDs) and border districts of Balochistan to promote sustainable peace and growth.
COAS General Asim Munir, who led the GHQ meeting, recently assured the business community of enhancing transparency in dollar exchange and interbank rates during a meeting at Lahore Corps headquarters. He also discussed plans to bring money exchanges under taxation for increased transparency.
General Munir highlighted the pivotal role of the Special Investment Facilitation Council in attracting significant investments, potentially reaching up to $100 billion from countries like Saudi Arabia, the UAE, Kuwait, and more. To strengthen economic decision-making, he announced the formation of task forces dedicated to economic matters and various sectors.
The COAS’ statement coincided with economic challenges as the rupee depreciated against the dollar. However, in the interbank market, there was a reversal of this trend due to a crackdown on the informal currency market, narrowing the gap between interbank and open-market rates toward the IMF’s target of 1.25%.
Simultaneously, the State Bank of Pakistan intensified supervision of the forex market, mandating banks to establish separate entities for forex transactions. They also extended efforts against currency hoarding and smuggling. Additionally, the central bank initiated structural reforms in exchange companies to enhance public services, transparency, and competitiveness.
Authorities have intensified their crackdown on illegal currency merchants nationwide, according to inside sources in the financial sector. Concurrently, the military leadership, in addition to pledging support for economic growth, resolved to protect Pakistan’s sovereignty and territorial integrity against all forms of threats, as stated by the ISPR.
The forum also reiterated that attempts by inimical propagandists to drive a wedge between state institutions and the public demonstrate their growing desperation and are likely to result in their further humiliation, Inshallah (God willing).
