Pakistan Hardware Merchants Association seeks President’s help over dollar surge

Lahore, June 14, 2012 (PPI-OT): The business community Thursday urged the government to defuse the situation at the earliest as the fast going up dollar prices are creating a panic-like situation for the businesses in general and for importers in particular.

In a statement issued here, the Central Chairman Pakistan Hardware Merchants Association Sardar Usman Ghani, Central Vice Chairman Tariq Rashid, Zonal Chairman Sheikh Ahmad Dawood and Executive Committee Members Zeeshan Khalil and Taha Zamir said that the huge depreciation in Rupee value in just a few days has done an irreparable loss to the overall economy as the cost of deals done by the businessmen with their foreign counterparts have jumped up manifold.

They said that if there is some solid reason behind the raise in dollar rate it must be shared with the business community and if this all is being done by some elements for their ulterior motives, the government should take action against them.

The PHMA office-bearers and Board members feared that if the situation was not defused immediately, the dollar would break the psychological barrier of Rs 100 in next few days that would be creating multiple problems for the government and the private sector as well.

They said that due to recent depreciation the volume of overdue government foreign debt had already jumped up that is very alarming as it is bound to jack-up the rate of inflation in the country when the government would relying on printing of notes to run its day-to-day affairs.

Sardar Usman Ghani said that the PHMA had already invited the attention of the the Interior Ministry and the State Bank towards this issue of national importance but only because of their inaction the situation was fast heading towards a point of no return.

He also appealed to the President to give a serious view to the fast going up dollar prices to ensure relief to the businessmen.

For more information, Contact:
Pakistan Hardware Merchants Association
Suit No.32, 33, 8 th, Floor,
Arkay –Square-Extension, Sharah-e-Liaqat ,
Karachi-74000, Pakistan
Phones: +92-21-32427186, 32411772
Fax: +92-21-32420610
Cell No: +92-300-8227416