The value of Pak rupee has depreciated fast during the last few months. It is mainly due to bad planning and mismanagement of the federal government and indifferent attitude of the State Bank of Pakistan. The main reasons appear to be increase in import of items like automobiles, mobile phones and other luxury goods, speculative buying of foreign currencies taking them as investment instruments and shifting of assets abroad by the panic-stricken affluent classes through the system of 'hundi'. This panic is here and now and is expected to spread very fast. If corrective steps are not taken by the SBP immediately, the situation can worsen further. Following measures are suggested: 1. Immediate ban should be imposed on the lease financing of cars. It will help save foreign exchange on the import of cars on the one hand and reduce the import bill of oil on the other. 2. Open market sale/purchase of foreign currencies should be banned forthwith. Only State Bank of Pakistan and authorized commercial banks should deal in this business. The foreign currencies should be issued by banks only on genuine authorizations from competent quarters. 3. Bonus voucher scheme which was in vogue in sixties and seventies should be revived and the foreign currency vouchers should be issued to exporters at pre-determined FC rates. The imports should be allowed only against these foreign currency vouchers that are available in the market. -MUHAMMAD IQBAL CH, Lahore, via e-mail, August 30.