Date: 29-11-2019

Dr. Reza Baqir,

The Governor
State Bank of Pakistan
Karachi.

Subject: Press Release

Dear Reza Sahib,

The following Press Release was published today in the national newspapers for your
kind information.

EXCHANGE RATE POLICY

APTMA wishes to place on record its appreciation of the setting of the exchange rate to its real
underlying value. The devaluation has resulted in making Pakistani products competitive in the
international markets. This is translating in the recapture of market share we had lost and a
substantial increase in the volume of exports. Textile exporters of Pakistan are extremely
grateful to the government for following realistic exchange rate policies.

The exchange rate policy is the prime reason for the eradication of the deficit in the Balance of
Payments as import of unnecessary luxury items has been effectively curtailed. We believe that
this has set the basis for a sustainable and prosperous Pakistan in the future as the
requirements of foreign currency will be met through rapid increase in exports rather than
through unsustainable loans.

Thank You

Yours Sincerely

Shahid Sattar
Executive Director