Sharp fall in value of rupee to further weaken the economy: ICCI

Islamabad, March 27, 2020 (PPI-OT): The Islamabad Chamber of Commerce and Industry (ICCI) has shown great concerns over the sharp fall in the value of rupee against dollar as it would create more problems for business and industry apart from further weakening the economy.

Muhammad Ahmed Waheed, President, Islamabad Chamber of Commerce and Industry said that Prime Minister Imran Khan had provided a good relief to people by announcing Rs.15/litre cut in the price of POL products, but sharp drop of more than Rs.8 against dollar would nullify this benefit to the people and bring more inflation for them.

He said that some industries were importing 70 percent raw material for their manufacturing activities and sharp rise in dollar would further push up production cost making our 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.

ICCI President said that already 25 percept population of the country was below the poverty line and devaluation of currency would push more people towards poverty. He said that the main cause of currency devaluation was sudden shortage of dollar from the market as people have started to withdraw investments from the stock market to purchase dollars. He called upon the Governor State Bank of Pakistan to take notice of this situation and initiate urgent remedial measures to bring stability in the value of rupee in order to save the economy from further troubles.

For more information, contact:
Islamabad Chamber of Commerce and Industry (ICCI)
Chamber House, Aiwan-e-Sanat-o-Tijarat Road,
Mauve Area, G-8/1, Islamabad, Pakistan
Tel: +92-51-2250526, 2253145, 8432676
Fax: +92-51-2252950
Email: icci@brain.net.pk, info@icci.com.pk
Website: www.icci.com.pk

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