FPCCI offers help to govt in controlling inflation, rupee depreciation

FPCCI offers help to govt in controlling inflation, rupee depreciation

FPCCI offers help to govt in controlling inflation, rupee depreciation

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KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has expressed dismay over the incessantly unstable exchange rate and offered help to control inflation, a statement said on Friday.

FPCCI president Mian Nasser Hyatt Maggo said that unstable exchange rate is making the importers of raw materials and commodities suffer huge losses and fueling inflation, adding that it is a recipe for disaster to destroy any country’s export-oriented industries by keeping exchange rate rickety and unstable.

Maggo extended his support and consultancy for stabilising the exchange rate to put an end to the accumulating losses, adding that the government needs to come up with an elaborate mechanism to protect the export industry, end uncertainty pertaining to the International Monetary Fund (IMF) programme and make the State Bank of Pakistan (SBP) play a proactive role with required competence and integrity.

The FPCCI is observing the inaction of the government and the SBP, which are not supporting the business, industry and trade of Pakistan in the wake of unprecedented exchange rate volatility, he said.

FPCCI vice president Nasir Khan 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. Khan said that on the basis of ground realities, the dollar can hit Rs200 sooner than later and that will play havoc with the economy and the general public alike.

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The government should wake up and Prime Minister Imran Khan should himself monitor the situation on a daily basis.

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