ICCI concerned over fall in rupee

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ISLAMABAD : Demanding the government and the State Bank to take measures for strengthening the rupee, the businessmen of Islamabad have expressed concern over continuous fall in value of rupee against the dollar as it poses serious threat to economy.

 

Chairing the meeting, Islamabad Chamber of Commerce and Industry (ICCI) president Zafar Bakhtawari said that the constant downslide of rupee had adversely hit all important sectors of economy, including agriculture, industry, manufacturing, IT and commercial importers.

 

The average dollar value against the rupee was close to Rs98 in December 2012 as compared with Rs59.09 in December 2001 and now has touched all-time low of more than Rs103 against a dollar showing an impact of more than 65pc depreciation of rupee against the dollar, he said.

 

The ICCI president said the constant fall in value of rupee is multiplying cost of doing business, especially for those who have to rely on imported industrial raw material and machinery. Moreover, this situation is inflating the overall import bill of the country as Pakistan is importing bulk of oil and many other items to meet its needs. The business community was of the view that encouraging local industry for improving exports and luring foreign investment through good incentives could curb the downslide of rupee.

 

“The economy is still in a slow growth mode and warned that further fall in value of rupee would cause more contraction in business and economic activities leading to reduced tax revenue and huge foreign debt as debt servicing liabilities has already gone up manifold,” the ICCI president said.




Courtesy:  Dawn


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