Daily Times

There is no other option but to boost petroleum and electricity rates even further if the dollar continues to surge above Rs230 per dollar as observed on Monday’s Intra-Day Intra-Bank session, FPCCI acting president Suleman Chawla has firmly cautioned the government.

Suleman Chawla emphasized that all the gains on the back of a substantive and progressive decline in the international oil prices over the past many weeks will be nullified as the government will have no buffer to pass on the relief to the masses due to a further weakened rupee.

Acting FPCCI chief maintained that the business, industry, and trade community of entire Pakistan is in shock and awe over the government’s economic mismanagement, maladministration, absence of prudence, and lack of vision – as only keeping the exchange rate stable in the vicinity of Rs190 would have enabled the government to reduce the petroleum prices by at least another 5pc.

It would have provided a breathing space to the businesses and the economy alike, he added.

Suleman Chawla noted with bated breath that despite the bloodbath in the forex market, the government has failed to appoint the governor of the State Bank of Pakistan; which, in turn, has rendered the central bank into a rudderless ship.

Action FPCCI president has reiterated the demand of the apex body to appoint a competent, pro-business, and pro-growth SBP governor at the earliest to help eliminate the speculative trading, barrage of misinformation, and scarcity of dollars to the importers.

Suleman Chawla has demanded that the government must fix the dollar rate for 15 days as the country can no longer afford the free-floating exchange rate.

We, as a nation, do not have many choices at hand and we do not have any time left; the government must act now and act decisively, he added.