Islamabad, Sep 11 (Online): The Islamabad Chamber of Commerce & Industry (ICCI) has shown great concerns over the falling value of rupee against dollar as it would create multiple problems for business & economy and called upon the government to take urgent remedial measures for ending the volatility and bringing stability in the exchange rate.
SardarYasirIlyas Khan, President, Islamabad Chamber of Commerce & Industry said that the value of Pakistani rupee has now tumbled to over Rs.168 against one dollar, which showed that our currency was losing its value at an alarming rate.
It reflected a deteriorating market perception about the country’s capacity to finance its foreign debt obligations going forward. He said that the constant erosion in the value of rupee was severely disturbing all future plans of the business community as it needed a stable exchange rate for long-term business and investment planning.
He said that people were already facing great problems due to high inflation and falling value of rupee would bring a new wave of inflation in the country making life of common man more miserable. He said that Pakistan’s trade deficit has risen sharply in August driven by surging imports compared to exports as merchandise trade deficit has reportedly reached $4.05 billion in August against $1.740bn over the corresponding month of last year showing an increase of 133 percent. He stressed that the government should incentivise imports substitution to reduce dependence on imports that would arrest further devaluation of rupee and prevent the build-up of imported high inflation.
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