PFIA slams rupee devaluation

LAHORE: Pakistan FMCG Importers Association (PFIA) expresses concern over the declining value of the rupee against the greenback and urged the government and the State Bank of Pakistan (SBP) to stop this trend, as it may trigger a new wave of price hike and increases the import bill of the country.

In a statement issued on Monday, PFIA President Anjum Nisar, Nafees ur Rehman Barry, Muhammad Ejaz Tanveer and Zeeshan Bukhsi said that the increase in value of the US dollar would enhance the prices of petroleum products; thus, making electricity more expensive, besides increasing the cost of different raw materials for the local industry.

They said the import of FMCG items, including some quality food items would also go high leading to apprehensions of increase in their smuggling.

“This sector was already making hue and cry after imposition of the regulatory duty and the devaluation will add fuel to the fire,” they said.

The PFIA leadership urged the government to take corrective measures, keeping in view the larger national interests.