Rupee made significant recovery against dollar due to COAS, DG ISI efforts: Vawda

The military leadership including Chief of Army Staff (COAS) General Asim Munir should be credited for the recovery of Pakistani currency against the US dollar, former federal minister Faisal Vawda has said. 

Speaking on Geo News' programme 'Capital Talk', the former minister added: "You should pay tribute... It is a happy day for Pakistan. The [exchange] value of dollar witnessed a decline after army chief issued directives to DG ISI and DG C." 

The former minister further said that the State Bank of Pakistan (SPB) played no role in stopping the declining rupee. "State bank is incompetent, it could not deal with the matter," Vadwa said.

He said due to the efforts of Gen Munir, the local currency gained Rs15 to Rs16 and in the next few days, it would drop by another Rs10 against the greenback.

It should be noted that the rupee continues to appreciate against the dollar in the country and made significant gains in the last two days after authorities launched a crackdown on the currency hoarders and smugglers.

When asked what steps were taken by authorities to alleviate the crisis, Vadwa said they had regulated and controlled the exchange companies and took action against the accused involved in the currency smuggling.

"Another concern Pakistan has is the 18 corrupt political leaders," he said.

He said that various political parties were causing harm to the country and the judiciary, adding that the outgoing apex court Chief Justice Umar Ata Bandial was going to play a "stroke" and the upcoming CJP, who is an "upright man," would not harm the people.

During the show, Vadwa accused these parties of destroying the country saying, that if these parties were eliminated, the country would "produce gold".