Staff Reporter Karachi
Chairman Businessmen Group (BMG) & Former President Karachi Chamber of Commerce & Industry (KCCI) Zubair Motiwala, while expressing deep concerns over continuous devaluation of Pakistani rupees against dollar which after surpassing Rs175 level was still hovering above Rs170, urged the government that it was high time the State Bank, being the regulator, must intervene to stop further freefall of Pakistani rupee and devise some kind of an effective mechanism for appreciating the value of Pakistani rupee to such an extent that dollar reverses back to its previous level of Rs150 with a view to reduce the impact of inflation on common man.
“On the other hand, the Federal Board of Revenue (FBR), which has been taking advantage of higher dollar value, must also be directed to either bring down taxes and duties or keep themcharging at the same rate but the calculation for taxes and duties must be done as per dollar rate of June 2021 when the budget was announced and the dollar at that point in time stood at around Rs150 instead of current rate which would certainly help in controlling the inflation”, he added while speaking at a meeting held during the visit of a delegation from All Pakistan Motorcycle Spare Parts Importers & Dealers Association (APMSPIDA) which was led by Rehan Hanif.
