Mian Nasser Hyatt Maggo, President FPCCI, has expressed his deep dismay over the incessantly unstable exchange rate; which is making the importers of raw materials & commodities suffer huge losses and fueling inflation.
He added that it is a recipe for disaster to destroy any country’s export-oriented industries by keeping exchange rate rickety and unstable. Mian Nasser Hyatt Maggo maintained that 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.
Mr. Nasir Khan, VP FPCCI, 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. For example, the edible oils are being sold in the vicinity of Rs.400 per litre currently.
Mr. Nasir Khan stated that, on the basis of ground realities, he can say that the dollar can hit Rs. 200 sooner than later; and, that will play a havoc with the economy and general public alike. He stressed that the government should wake up and the Prime Minister of Pakistan should himself monitor the situation on daily basis. Mian Nasser Hyatt Maggo, as President FPCCI, has extended his support and consultancy for stabilizing the exchange rate to put an end to the accumulating losses.
The government needs to come up with an elaborate mechanism to protect the export industry; end uncertainty pertaining to IMF program; make SBP play a proactive role with required competence & integrity; promote barter trade where applicable and facilitate exploration of unconventional import markets & regions, he added.
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