Published On: Wed, Mar 21st, 2018
Published in Category: Lahore

LCCI demands state bank to control rapid surge in dollar price

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Lahore: The Lahore chamber of Commerce & Industry has demanded of the State Bank of Pakistan to control rapid surge in dollar price through strict measures otherwise Pak-rupee devaluation will give a big blow to the economy.

“Inter-bank US Dollar rate is ringing alarming bells and calling for immediate attention of State Bank of Pakistan to avoid economic crisis.

Rupee devaluation would be the last straw on the back of camel as external debts are already around $ 89 billion, exports are stagnant, trade deficit is swelling”, the LCCI Acting President Khawaja Khawar Rashid, Vice President Zeshan Khalil and Executive Committee Members said in a statement.

They said that after a short span, dollar has once again started to crush Pak rupee that will reignite high inflation and halt growth by hitting all the important sectors of economy.

“US dollar price against rupee was Rs.4.76 in 60s, Rs.59.30 in 2005 and reached touched the heights level during the current financial year.

Soaring dollar price led to trade deficit, import costs, hike in POL prices etc”, the LCCI office-bearers said.

They said that the recent surge in the prices of the greenback would jack-up the input cost that would hit the export-oriented industries hard.

This will help stabilize rupee and restore the confidence of the business community. They said that an unchecked increase in the dollar rates is multiplying the cost of doing business and badly affecting the industrial, manufacturing and agriculture sectors as Pakistan has to import fertilizers, food items, oil, machinery and industrial raw material.

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