Pakistan Industrial and Traders Associations Front calls for a high-level probe into rupee depreciation

Lahore, October 11, 2013 (PPI-OT): Pakistan Industrial and Traders Associations Front (PIAF) on Friday called for a high-level probe into rupee depreciation that caused considerable loss to the economy last week.

In a statement issued here, the PIAF Chairman Malik Tahir Javaid said that the business community appreciates the SBP Governor’s timely intervention that helped stop rise in the prices of greenback but at the same time wants of the State Bank to indentify the reasons and share the findings with the business community.

The PIAF Chairman was of the view that the sharp downfall in the rupee value had not only disturbed almost all sectors of the economy but also brought a new wave of price spiral that would not die down despite dollar’s retreat.

“Six rupee appreciation in dollar price in a single day was an unusual phenomenon for a country like Pakistan as the mafia involved in this affair made billions of rupees in a single day while on the other hand those who bought the greenback to fulfill their foreign commitments suffered a great loss.”

Until and unless a thorough and high-level probe is launched and findings brought to the limelight, the business community would remain hostage to the fear-factor while doing business with their foreign counterparts.

The PIAF Chairman said that the business community understands that the currency’s movement in economy was based on market sentiments but it believes that the recent slide was only due to rumor mongering by some elements that had caused notable depreciation of currency.

He also urged the Federal Finance Minister Ishaq Dar to prepare and put in place a foolproof mechanism to stop recurrence of any such incident in future that had shaken the confidence of the business community.

The PIAF also called for measure to stabilize economy as the things on economic front were not moving in the right direction because of high price power and petroleum products.

For more information, Contact:
Khalil-ur-Rehman
Pakistan Industrial and Traders Associations Front
110/s Kot Lakhpat Industrial Estate
Lahore, Pakistan
Phone: (92) 42 5123522
Fax: (92) 42 5123522
Email: Info@piaf.pk

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