November 20, 2003	Thursday	Ramazan 24, 1424

KARACHI, Nov 19: Site Association of Industry chairman Haroon Farooqi has termed the State Bank’s Annual Report 2002-03 alarming and a note of caution for economic managers who have been all along claiming an economic revival.

Expressing his dissatisfaction over the existing trends in economic indicators, he said that though the government had been claiming an improvement in investment and a confidence boost for the investors, this is quite far from the truth.

In a statement, he said the ground realities were quite bitter and the steady rise in poverty and almost negligible industrialization growth did not conform to all the claims made by the government.

On the downward trend of the dollar, Mr Farooki demanded of the SBP to take remedial measures to stop it so as to protect the export quantum of the country.

He suggested that the US dollar rate against the rupee should be around Rs57.80-58.00 to give a level-playing field to the exporters.

The recent decline in the rate of the dollar against the rupee is a matter of concern amongst the exporters. The rate of the dollar against the rupee has remained steady for the last two months around Rs57.75.

He said Wednesday’s dollar rate was Rs57.17 (buying) and Rs57.22 (selling).