Observer Report Karachi
President Federation of Pakistan Chambers of Commerce and Industry, Mian Nasser Hyatt Maggo expressing his deep dismay over the incessantly unstable exchange rate; which is making the importers of raw materials & commodities suffer huge losses and fueling inflation, has said that it is a recipe for disaster to destroy any country’s export-oriented industries by keeping exchange rate rickety and unstable.
In a statement issued here on Friday, he said that the FPCCI is observing the inaction of the government & SBP, by not supporting the business, industry and trade industry of Pakistan in the wake of unprecedented exchange rate volatility, with profound concern.
Mian Nasser Hyatt Maggo said that the current wave of hyperinflation in food items is the direct consequence of the incompetent handling of exchange rate; otherwise, there would have some stability in the food prices.
