PESHAWAR: The business community here has expressed grave concern over the frequent devaluation of Pakistani currency and urged the government to review its economic policy, control price hike and provide relief to the nation.

Markazi Tanzeem-i-Tajiran, Khyber Pakhtunkhwa, president Sharafat Ali Mubarak and Sarhad Chamber of Commerce and Industry president Faiz Mohammad in their separate statements said here on Sunday that the business community had badly suffered due to prolonged militancy, but successive governments had not supported it.

Mr Mubarak said that the government had failed to devise an effective economic strategy and that was why the local currency was on decline, which had led to excessive hike in rates of daily use commodities.

Referring to increase in the value of US dollar, he said the government was unable to announce a clear economic and trade policy so far and this situation had also created problems for the business community.

He said that transporters had also increased the passenger and freight charges. He said that the business community was ready to announce a shutter down strike against increase in the tariff of electricity, natural gas and petroleum products if prompt action was not taken to control the price hike.

The SCCI president feared that if immediate steps were not taken for boosting local economy the country would face severe economic crisis and price hike.

He said that the local currency was devalued due to the government’s decision to go to IMF for a bailout package.

He said that the rising dollar would have a negative impact on the national economy and the government would be unable to repay foreign loans and control the rise in prices of natural gas, petroleum products and power.

Faiz Mohammad suggested that the government should encourage exports otherwise the investors would leave Pakistan.

Published in Dawn, October 22nd, 2018