Inflation rate in country to start receding soon: Dr Abdul Hafeez Shaikh

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ISLAMABAD: Adviser to Prime Minister on Finance and Revenue Dr Abdul Hafeez Shaikh on Monday said that inflation rate in the country would start receding soon, which would gradually come down to comfortable level. The adviser said the federal government had taken a number of initiatives to bring down the prices of various commodities.

"The nation will see that soon the prices start falling down," he added. Hafeez Shaikh said in order to control inflation, the government did not borrow money from the State Bank of Pakistan (SBP) besides minimising the budget deficit by reducing unnecessary expenditure.

Proposing to the provinces to play their role in controlling inflation, he said that hoarding and profiteering issues must be resolved through administrative measures.

To a question, he said that the prices of food items that of fresh vegetables increased due to seasonal changes and hoped that the prices would come down in days to come. He said the decision of importing wheat was also taken in a bid to control inflation.

He said due to prudent measures taken by the government, the rupee-dollar parity had become stable now. The adviser said that due to stability and peace in the country, investors from across the world are coming to Pakistan and want to avail themselves of huge opportunities offered by the country.

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