Daily Times

FPCCI president Mian Nasser Hyatt Maggo has expressed his deep disdain for the incessantly unstable exchange rate, which is causing raw material and commodity importers to suffer huge losses and fueling inflation. Keeping the exchange rate shaky and unpredictable, he continued, is a recipe for disaster for any country’s export-oriented industries.

In the wake of unprecedented exchange rate volatility, Mian Nasser Hyatt Maggo said the FPCCI is deeply concerned about the government’s and SBP’s inaction in not supporting Pakistan’s business, industry, and trade industry.

An inability to effectively manage the currency exchange rate is directly responsible for the current wave of food price hyperinflation, according to FPCCI Vice President Nasir Khan. Today, edible oils sell for about Rs.400 a litre. As an example:

In light of current conditions, Nasir Khan believes that the dollar will hit Rs. 200 sooner rather than later, which will have a negative impact on the economy and the general public. He emphasised the need for the Pakistani government to wake up and that the Prime Minister of Pakistan should personally keep tabs on the situation every day.

For the sake of halting the accumulating losses, Mian Nasser Hyatt Maggo, President of the FPCCI, has offered his assistance and consulting services. He went on to say that the government must devise a complex system to safeguard the export industry, eliminate doubts about the IMF programme, empower the SBP to play a proactive role with the requisite competence and integrity, promote barter trade when appropriate, and make it easier to explore new import markets and regions.