President ICCI urges for stability in exchange rate
ISLAMABAD: President Islamabad Chamber of Commerce and Industry (ICCI), Muhammad Ahmed Waheed has urged the government to strengthen the exchange rates for supporting the business environment and economic growth in the country.
While talking to APP here, he expressed dissatisfaction over devaluation of rupee against United States (US) dollar in current evolving situation in post pandemic COVID -19 all over the world including Pakistan.
He said that local business community and traders would fully support the incumbent government for economic growth in the country. He said that Prime Minister Imran Khan had provided a good relief to people by announcing decrease Rs 15 per litre in the price of POL products and support the local businesses.
He said that some industries were importing 70 percent raw material for their manufacturing activities and rise in dollar would further push up production cost, which would make the industry and exports more uncompetitive in the international market.
He said that due to coronavirus issue, trade and industrial activities were already suffering badly and further fall in the value of rupee against dollar would jeopardize the survival of businesses.
The president said that already 25 percent population of the country was below the poverty line and current situation would create unfavorable circumstances for people as well employment opportunities in the country.
He said that the main cause of currency devaluation was sudden shortage of dollar from the market as people had started to withdraw investments from the stock market to purchase dollars.
He called upon the Governor State Bank of Pakistan to take notice of the situation and initiate urgent remedial measures to bring stability in the value of rupee in order to save the country’s economy. He also urged the business community and well-off traders to support needy people in current situation and provide them all necessities of the life. - APP