ISLAMABAD: Islamabad Chamber of Commerce and Industry (ICCI) President Mohammad Ahmed Waheed on Saturday urged the government to strengthen the exchange rates for supporting the business environment and economic growth in the country.

Talking to this agency, he expressed dissatisfaction over devaluation of rupee against dollar in current evolving situation in the wake coronavirus (Covid -19) pandemic all over the world including Pakistan. He said that local business community and traders would fully support the government for economic growth in the country.

The ICCI president said Prime Minister Imran Khan had provided a good relief to people by decreasing POL products prices by Rs15 per litre.

He said some industries were importing 70pc raw material for their manufacturing activities and overvalued dollar would further push up their production cost, which would make the industry and exports more uncompetitive in the international market.

He said that due to coronavirus issue, trade and industrial activities were already suffering badly and further fall in the value of rupee against dollar would jeopardise the survival of businesses.

The president said that already 25pc population of the country was below the poverty line and current situation would create unfavourable circumstances for people and diminish employment opportunities in the country.

Published in Dawn, March 29th, 2020