Dollar appreciation damaging the economy and hapless

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Karachi: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Sunday said appreciation in the value of the dollar should be stopped through intervention in the market as it is damaging the economy and majority of the population.

The government and the State Bank should stop erosion in the exchange rate which has crossed all the limits, it said.

The fourth round of devaluation has left importers and the business community bewildered and many have faced huge losses, said Karim Aziz Malik, VP FPCCI.

Many import consignments are in the pipeline and masses will see a new wave of inflation one the importable reach to the ports of Pakistan, he added.

Karim Aziz Malik said that rupee is shedding value since December 2017. The policy has increased exports by 2.7 billion dollars while the import bill of necessities and raw material has jumped substantially as imports are more than double of exports.

Devaluation has made the life of masses miserable, added to uncertainty, unemployment and added trillions of rupees to the mountain of foreign debt.

The vice president of FPCCI said that few sectors including the construction industry are performing but appreciation in value of the dollar has started hurting construction industry which supports millions of laborers and dozens of allied industries.

The price of cement, steel, aluminum, glass, and paint etc. continue to rise to hit the vibrant construction industry.

He said that masses should be given relief by freezing tariff of electricity while business community should be supported by the reduction in interest rates and sales tax which will benefit masses.