Meher Kashif Urges Diversified Approach To PKR Reserves For Stability, Growth

ISLAMABAD, (UrduPoint / Pakistan Point News – 9th Nov, 2023) Coordinator to Minister of State and Federal Tax Ombudsman Meher Kashif Younis, in the ever-changing landscape of global economics, Thursday called for adopting a more diversified approach to Pakistani currency reserves that can contribute significantly to stability and growth.

Speaking at a seminar on ‘Importance of Diversification of Currency for Pakistan‘ held under the aegis of the Gold Ring Economic Forum, a strategic think tank, he suggested considering the inclusion of currencies like the Renminbi (RMB) and the Russian Ruble (RUB) in its foreign exchange reserves, according to a news release issued here.

He said, “The Chinese renminbi, being one of the world‘s major reserve currencies, is widely used in international trade, providing numerous benefits such as increased trade opportunities, reduced currency risk, and enhanced economic collaboration with China, one of Pakistan‘s significant trading partners.

He said similarly, incorporating the Russian Ruble would foster stronger economic ties with Russia, opening doors for bilateral investments, joint ventures, and strategic partnerships.

“Diversifying our currency reserves will not only mitigate the risks associated with relying heavily on a single currency but also provide Pakistan with the flexibility to adapt to changing global economic dynamics,” he remarked.

He said, “By embracing a multi-currency approach, Pakistan can enhance its economic resilience, attract foreign investments, and promote international trade, ultimately leading to sustainable economic development.”

“By taking this bold step towards diversification, Pakistan can position itself as a resilient and progressive player in the global economic arena.”

He pleaded to consider this proposal seriously and initiate necessary steps to explore the potential benefits of diversifying our currency reserves.
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