Industry lashes out at govt for rapid rupee dive

Published June 28, 2019
“The surge in dollar price will badly affect manufacturing sector." — Dawn/File
“The surge in dollar price will badly affect manufacturing sector." — Dawn/File

LAHORE: Business community has expressed grave concern over the rapid rupee devaluation and termed it devastating to the country’s economy.

“The surge in dollar price will badly affect manufacturing sector as raw material prices and cost of doing business continue shooting up,” said Lahore Chamber of Commerce and Industry (LCCI) in a press release on Thursday.

The rupee devaluation is contributing towards high inflation and slowing down growth by adversely impacting all the important sectors of economy. The dollar price will lead to increased import costs and hike in fuel prices.

“The unchecked rise in the greenback rates is multiplying the cost of doing business and badly affecting industrial, manufacturing, and agriculture sectors as Pakistan has to import fertilisers, food items, oil, machinery and industrial raw material.”

The LCCI sought a clear policy statement from the government on dollar prices as heavy devaluations in a single-day would hamper trade and economic activities, besides jacking up inflation to unmanageable level.

Published in Dawn, June 28th, 2019

Opinion

Editorial

Parliament’s imprimatur
Updated 24 Jun, 2022

Parliament’s imprimatur

Implications of ‘mainstreaming’ militants are far-reaching and must be discussed threadbare by the people’s representatives.
Monsoon preparedness
24 Jun, 2022

Monsoon preparedness

THE deaths of four people, among them three children, and the usual post-rain chaos in Karachi on Wednesday, yet...
Balochistan budget
24 Jun, 2022

Balochistan budget

A BUDGET is all about the political choices a government makes. The eight-month-old Mir Abdul Quddus Bizenjo...
Funding expectations
Updated 23 Jun, 2022

Funding expectations

Next few months will show how serious govt is about putting in place measures to strengthen country’s debt management outlook.
Budget debate
23 Jun, 2022

Budget debate

WITH the economy teetering on the precipice of a major crisis, one would have expected that public representatives ...
Afghanistan quake
23 Jun, 2022

Afghanistan quake

FOR the hapless people of Afghanistan, the list of miseries just doesn’t seem to end. The latest catastrophe to ...