President ICCI urges for stability in exchange rate

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STAFF REPORTER
ISLAMABAD The Islamabad Chamber of Commerce and Industry (ICCI) Muhammad Ahmed Waheed on Saturday urged to strengthen the exchange rates for supporting the business environment and economic growth in the country. While talking to media here, he has shown discomforts over devaluation of local rupee against United States (US) dollar in current evolving situation in post epidemic COVID -19 all over the world including Pakistan. President ICCI said that local business community and traders would fully support the incumbent government for economic revival in revival to economic growth in the country. He 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 to support the local businesses. He said that some industries were importing 70 percent raw material for their manufacturing activities and 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 current situation would create unfavorable circumstances for people as well employment opportunities in the country. 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 country’s economy. He also urged the business community and well-off traders to support need people in current situation and provide them all necessities of the life. Ahmed Waheed said that “we are appreciated the government strategy and polices for facing the current challenge of COVID-19 and adding that business community is committed to support the government in this challenging situation.