Daily The Business

Govt urged to put bridle on dollar

Current currency depreciation, hike in bank interest rates, appreciation in the price of fuels and enhanced energy cost have made it difficult for the industrialists to continue their productions: Kashif Anwar

Continue upward tendency in the prices of the dollar isthought-provoking and alarming: Zahid Bukhari

M Jahangir Hayat

LAHORE: The government must take immediate measures to stabilize rupee
prices against dollar, traders and industrialists urged the government.

“The government should do the needful to stabilize currency.
Devaluation of rupee against dollar will not help the economy to revive back and even attain the GDP growth level of 5.8% which we achieved in year 2017-18 rather it is expected that our GDP growth rate for year 2018-19 will be around 3.5 percent,” Friends of Economic and Business Reforms (FEBR) president Kashif Anwar told Daily The Business here on Wednesday.

“We should not forget that we are an import-based country and rely on them to manufacture finished goods for exports, previous depreciations have also not strengthened our exports rather they have increased the
cost of manufacturing,” he added.

The current currency depreciation, hike in bank interest rates, appreciation in the price of fuels and enhanced energy cost have made
it difficult for the industrialists to continue their productions, the FEBR president said. .

Earlier Pakistani products were non competitive in the international market because of high cost and lack of value addition, due to the recent hike in the price of imported raw-material and input-cost of finished goods, the cushion of international market will further
squeeze, Kashif underscored.

He said however, it is a good move to curtail current account deficit and making imported goods so much expensive that they are out of the reach of the masses but we have to also consider its negative effects in the form of inflation which will lead to the instability of law and order position in the country which will further deteriorate the economic condition of the country.

Pakistan Entrepreneurs Forum Information secretary Zahid Bukahri said that the continue upward tendency in the prices of the dollar is
thought-provoking and alarming.

He said that if the Pakistani currency is not made stabilized the economy will further be hit hard resultantly the economy will suffer.

He said that Pakistani debts have accumulated to over Rs 1000 billion and the rise will badly impact the economic health of the country.

He said that the common-man is already facing hardships and the continue downfall in the prices of the rupee will further addup to
their miseries.

The government and businessmen both should work together to arrest the issue of currency devaluation and degeneration, he concluded.

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