STAFF REPORTER
KARACHI Secretary General (Federal) of the Businessmen Panel for FPCCI, Ahmad Jawad said Covid-19 curve in Pakistan is steepening with every passing day and the country is under a partial lockdown. He said that the businesses are operating at less than half of their normal capacities because of the shortage of raw materials, shortage of labor or restrictions on the movement of the citizens imposed by the provincial governments, which is taking a toll on aggregate demand and supply but on the other side fluctuation of dollar against rupee at its glance. In a statement issued here on Thursday, Ahmad Jawad said that in these abnormal days, Government through State Bank of Pakistan should hold the dollar fluctuation. It is highly shocking that in just two days dollar against PKR rose at 6 rupee in interbank with the new rate of 165; despite the fact country is facing swear economic challenges due to corona emergency and it will be continue in coming months too. “Neither the government can fix the dollar neither they drop the interest rate which is big worry for local businesses in this pandemic,” he lamented. The SG BMP of FPCCI said trade bodies must suggest the economic managers on the rising instability of dollar “as with devaluation, there is inflation, when there is inflation, your disposable income goes down, which affects consumption behaviour and spending power. There is a decline in aggregate demand, which is why there is an economic slowdown and it would continue. He worries if this dollar volatility can’t be properly fixed the opportunity of decline in crude oil prices wouldn’t be pass on Pakistanis.
