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RCCI worries over increase in dollar rate.

RAWALPINDI -- The Rawalpindi Chamber of Commerce and Industry (RCCI) has shown serious concerns over the sharp fall in the value of Pakistani rupee against the US dollar.

In a statement issued here on Wednesday ,the RCCI President Malik Shahid Saleem said that it would open flood gates of inflation in the country and create additional problems for business and industrial activities.

'The dollar has risen to an all-time high of Rs 160 in open market and it must be controlled, as it could have a devastating impact on all segments of society, particularly the Small and Medium Enterprises (SMEs),' he added.

President Markazi Anjuman Tajraan Sharjeel Mir urged State Bank of Pakistan (SBP) to make efforts for a stable currency as currency volatility is disturbing the long-term business planning efforts of the private sector.

Mir said falling value of rupee would increase the debt burden on the country as a Rs1 devaluation causes a billion of Rs jump in the public debt burden.

'A weaker rupee will increase the cost of doing business, especially for businesses that are import-dependent', he said.

He stressed that government should take urgent measures to end volatility and bring stability in the local currency.

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Publication:Balochistan Times (Baluchistan Province, Pakistan)
Date:Jun 27, 2019
Words:241
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