KARACHI: President of the Korangi Association of Trade and Industry (KATI) Salman Aslam has expressed concerns over the value of the US dollar exceeding 233 rupees in the open market.
He said that the price of the dollar should have been reduced after the country received assistance from the International Monetary Fund (IMF) and the friendly countries, stabilisation of foreign exchange reserves and the steps taken by the State Bank of Pakistan.
However, after a few days the value of the dollar started increasing again, which is harmful to the economy, he said.
Salman Aslam said that in the current situation, the increase in the value of the US dollar shows that the smuggling of dollar is still going on and the government's measures are also not proving beneficial. He said that despite the increase in regulatory duty and permission for imports, imports are increasing gradually, which is draining foreign exchange out of the country, directly affecting the value of the dollar. Unnecessary imports should be banned again, he said adding concrete steps should be taken to prevent the smuggling of dollars so that its value against the Pak rupee will remain stable.
President KATI said that due to the devaluation of the rupee, inflation in the country is increasing day by day. He said due to the highest cost of production, industrialists are going bankrupt and industries are shutting down. The government has to seriously solve this problem; otherwise the economy will collapse.
Copyright Business Recorder, 2022