KARACHI: Saqib Naseem, Chairman Pakistan Yarn Merchants Association (PYMA) and Muhammad Junaid Teli, Vice Chairman, Sindh & Balochistan region have expressed disappointment that the State Bank of Pakistan was not taking effective measures to stop the continuous increase in the value of the US dollar, saying that the soaring dollar risks SMEs, industries and businesses.

They demanded the State Bank of Pakistan to take concrete steps to stabilize the value of the rupee as businesses and industrial activities were badly affected, especially small & medium enterprises (SMEs) were facing the biggest financial losses. Depreciation of rupee and continuous increase in value of dollar has increased the cost of doing business due to which the business & industrial community is facing severe difficulties.

They further said that the appreciation of the dollar is seriously affecting businesses and industries that rely on imported raw materials to sustain production activities. Therefore, due to the increase in the value of the dollar, while the cost of importers has increased, the industries are also facing an increase in the cost of production in the form of expensive raw materials, which is also having a negative impact on exports.

Saqib Naseem and Junaid Teli demanded the State Bank of Pakistan to take practical measures to stabilize the rupee and prevent the rise in the value of the dollar to save the business and industries, specially SMEs from being destroyed, and the country can get out of economic crises, also the increasing cost of business & industry can be reduced.

Copyright Business Recorder, 2022