The Hundi rate (illegal money exchange business) often leads to a preference for Hundi channels when it comes to remittances. He emphasised that if these rates were aligned, remittances would naturally flow through the SBP.
Anwar emphasised the importance of an enhanced and sustained interactive dialogue between the business community and relevant authorities. He expressed concerns over the prevailing lack of responsiveness to suggestions put forth by the business sector.
Furthermore, Anwar called for a unified commitment from political parties, suggesting the signing of a charter of economy as a precondition before any upcoming elections.
Expanding on the army chief’s earlier remarks regarding the existence of a grey economy, accounting for two to three times of the overall documented economy, he proposed an innovative approach. He recommended incentivising the grey economy sector to transition into the formal, white economy, offering a strategic solution to combat this pervasive issue.
The LCCI chief said that the expansion of the tax base will remain elusive as long as the grey economy remains unincorporated, unable to contribute to the formal white economy.
This gathering exemplified the shared dedication of both the business community and the military leadership to work collaboratively in addressing pressing economic challenges and propelling the nation toward growth.
As Pakistan continues to navigate economic complexities, this constructive dialogue signifies a promising step towards finding practical solutions and fostering economic prosperity for the nation.
