RAWALPINDI: The Rawalpindi Chamber of Commerce and Industry (RCCI) on Wednesday expressed serious concern over fall in rupee and asked the State Bank to check volatility in the foreign exchange market, as the rupee traded as high as 170 per dollar in the interbank market this week.

RCCI President Saboor Malik in a statement said the depreciation of Pakistani rupee would have a massive negative impact on the already fragile economy of the country.

“The dollar has risen to an all-time high against Pakistani rupee in the interbank market and it must be controlled, as it could have a devastating impact on all segments of society, particularly the Small and Medium Enterprises (SMEs),” he added.

He said the fall of rupee in interbank from Rs158 per dollar to Rs170 per dollar in just eight days should be a cause of great concern for policymakers and monitoring bodies.

While appreciating the SBP relief package, the RCCI president said this will give a big breathing space and relief to consumers who were using consumer financing.

However, SBP should stretch this package to corporate sector mainly manufacturers and industry.

He said trade, industry and manufacturing activities have come to a halt due to coronavirus, but industrialists had to pay markup on loans besides paying wages to workers.

While appealing to the State Bank Governor Raza Baqir, he said that business community was waiting for a comprehensive package for all sectors. The mark ups should be waived and loan payments must be deferred by one year, he added.

Published in Dawn, April 2nd, 2020