The Federation of Pakistan Chambers of Commerce and Industry has expressed concern over the persistent decline in foreign reserves and severe pressure on the local currency due to debt repayments.
President of Federation of Pakistan Chambers of Commerce and Industry Mian Anjum Nisar and Regional Chairman Dr. Muhammad Arshad demanded from the government to control the appreciation of the dollar against Pakistani currency and said that rupee has depreciated sharply in the last two months.
The President said that the rupee had depreciated sharply against the dollar in a single session in the interbank market since the beginning of April.
He said the sharp fall in the rupee has hurt the national economy, with the rupee depreciating sharply against the dollar in the price of transactions made by businessmen with their foreign business counterparts. Has multiplied. He suggested that in addition to increasing exports and controlling imports, administrative measures would have to be taken as there was a huge demand for cash dollars in the market.
He said that since the beginning of June, the rupee has depreciated by 2.8 percent or Rs 4.55 against the dollar, as it closed at 163.10 at the end of last month. Appreciating that, which has now started to decline from the last financial year, the government has initiated the move to impose regular duties. He said that he hoped that the country would get a multi-pronged income during this week which would strengthen the rupee and foreign exchange reserves as the government would start receiving loans from the World Bank.
The FPCCI has called on the Ministry of Finance to intervene immediately and bring about some improvement in the Pakistani rupee, as the Pakistani business community is deeply disappointed with this continued devaluation of the national currency.
Extracted from City42 News
