Islamabad: Finance Minister Muhammad Aurangzeb on Wednesday hailed the country’s first current account surplus in a decade as a significant achievement, but expressed frustration over the failure of middlemen to pass on the benefits of lower global prices to the public.
Speaking during a meeting of the Economic Coordination Committee (ECC), Aurangzeb described the surplus in the current account for November, driven by a 35% increase in remittances, as an encouraging development. He also pointed to the growing confidence in Pakistan’s economy, with Roshan Digital Accounts now reaching $9 billion and the KIBOR rate falling below 12%, which he said was bolstering business optimism.
However, the finance minister raised concerns about the domestic prices of essential goods such as chicken, gram, and mash lentils. While global prices for these commodities had decreased, their prices in the domestic market had risen. Aurangzeb attributed this paradox to profiteering and the role of middlemen, accusing them of exploiting the situation and preventing the public from benefiting from global price reductions.
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He emphasized that the government’s economic recovery efforts were continuing, but called on authorities to address this issue of profiteering to ensure that the public sees the benefits of lower inflation rates.
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