Leading businesses gathered at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI) to analyse the risks and worries of an economic crisis in the motherland like Sri Lanka while the dollar in the interbank market. 224.92 peaked.
According to Dawn, FPCCI President Irfan Iqbal Shaikh stated the falling rupee has become a threat to national security, and letters of credit for petroleum imports are being opened at a rate significantly higher than the interbank rate.
In event of fuel shortages for transportation and electricity generation, he continued, law and order may deteriorate.
He warned that we are not far from a situation like Sri Lanka and must make significant decisions to avert it.
According to an FPCCI press statement, well-known businessman Aqeel Karim Dhedhi expressed disbelief despite many things improving in recent weeks, such as the world level. Despite lower oil and food costs and greater availability, the government has failed to manage inflation.
The FPCCI chairman said the SBP must apply regulatory mechanisms to eliminate speculation and uncertainty.
What were army chief and businessmen discussing?
He also warned the country lacks enough foreign exchange reserves for 2 months of imports.
Despite the lack of foreign cash, the government has failed to appoint the Governor State Bank, he remarked, showing indifference.
Anis Majeed, head of Karachi Wholesalers Grocers Group (KWGA), said the price of imported pulses has climbed by 7 to 8 rupees per kg in the previous 10 days and will continue to rise. The uncertain exchange rate hasn’t yet affected the wholesale rate.
Salman Aslam, president of Kati, said the business community is worried about the economy’s decline.
He claimed the artificial depreciation of the rupee is harming the economy, leading the stock market to tumble and investors to lose confidence.
Salman Aslam fears increased inflation if the rupee continues to fall.
Faisal Mueez Khan, president of North Karachi Association of Trade and Industry (NKATI), urged the State Bank to stabilise the rupee and prevent the dollar rate from rising.
He suggested the State Bank must regulate to prevent additional dollar appreciation.
He voiced concern that Pakistani products won’t be able to compete in the global market with the rupee’s continuous decline, and that timely export contract fulfilment will be problematic. will