Highest inflation recorded: PKR devaluation to cause huge losses to importers: HCCI chief

HYDERABAD: President Hyderabad Chamber of Commerce and Industry (HCCI) Adeel Siddiqui in a statement issued here on Monday on US dollar’s upward march against Pakistani rupee, gaining Rs 7.3 in inter-bank trade has said that our country has recorded highest inflation on Monday which would cause huge losses to the importers in a single day rather in few minutes. This takes dollar rate to Rs 218.30, he added.

“Rupee devaluation makes the country less attractive for the workers”, he remarked and said the Pakistani workers would prefer to work abroad than in home country.

He said that these economic conditions were in fact now posing a risk of anarchy.

Siddiqui said it would make exports more competitive and that would appear cheaper to foreign buyers.

“It will increase demand for the exports and our assets will become inexpensive from business point of view for foreign buyers”, he said.

He added that entire world was facing recession therefore rupee devaluation would be insufficient to boost exports’ demand.

“Pakistani industrialists are in fact facing Godzilla kind of economic crunch which is evident from this historic devaluation, higher mark up rate, higher electricity tariff amidst unavailability of gas resource. We have not seen such kind of situation in the past”, he said.

He added that devaluation was aimed at meeting a certain exchange rate target and that would not be appropriate for economy.

Copyright Business Recorder, 2022