PESHAWAR: The business community here has urged the federal government to take pragmatic steps for stability of national economy and demanded restoration of Saturday as working day for banks in order to facilitate the investors.

The community demanded the State Bank of Pakistan to review its decision and abolish the Saturday holiday forthwith.

The issues were raised during a meeting of traders and industrialists at the Sarhad Chamber of Commerce and Industry (SCCI) here on Thursday. The meeting was presided over by the chamber president Hasnain Khurshid Ahmad.

The chamber’s senior vice-president Imran Khan Mohmand, vice-president Javed Akhtar, former presidents, executive members, traders, industrialists, importers and exporters and other office-bearers also shared views on the occasion.

The participants expressed serious concern over the falling value of Pakistani currency against US dollar, saying the country’s economy was on decline, which mostly depended on exports and foreign exchange reserves.

They said one of the reasons for the weak economic conditions was several waves of the novel coronavirus in the country generally and in Khyber Pakhtunkhwa particularly.

They said that the restoration of commercial banks’ Saturday’s holiday in such a depressing economic conditions and scenario was not affordable for businesses, trade activities and economy.

They said the central bank’s decision to restore Saturday’s holiday had created severe difficulties for the business community.

Khurshid Ahmad said if the federal government was sincere to revive the business activities it should take the business community on board while taking business-related decisions. He said the country was heading towards economic bankruptcy amid growing trade deficit and falling foreign exchange reserves and called upon the government, SBP and national financial institutions to revisit their economic policies.

The chamber chief urged the federal government and SBP to devise a holistic economic recovery plan.

Meanwhile, Qaumi Watan Party chairman Aftab Ahmad Khan Sherpao in a statement here on Thursday expressed serious concern over the devaluation of Pakistan currency and feared it would lead to unprecedented price hike in the country.

He said the government should devise a sustainable plan to overcome the situation.

Published in Dawn, May 13th, 2022