ISLAMABAD : The Pakistan Economy Watch (PEW) on Saturday said exchange rate erosion is the result of adopting unsuccessful methods of the free market economy.

Giving up the central bank’s control over the dollar has resulted in an unprecedented rise in its value which has shaken the foundations of the economy, taken a toll on masses and dismayed the business community, it said. Leaving US dollar to market forces has resulted in a freefall of the rupee making it the worst performing currency in Asia, said Dr. Murtaza Mughal, President PEW.

He said that rupee can soon become one of the worst performing currencies in the world if the government continued to obey the IMF’s orders without considering its consequences. Dr Murtaza Mughal said that the business conditions continue to deteriorate for the last nine months, instability has become the order of the day while the government policies have emerged as a recipe for economic disaster.

The government’s exchange rate policy has failed like rest of its policies, the industrial sector is in trouble, the stock market is crumbling, the agriculture sector is in ICU and masses are strained on a daily basis.