SBP urged to control dollar surge

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has demanded the central bank to control rapid surge in dollar price through strict measures, otherwise rupee devaluation will give a big blow to the economy, a statement said on Tuesday.

“Inter-bank US dollar rate is ringing alarming bells and calling for immediate attention of the State Bank of Pakistan to avoid economic crisis,” said LCCI acting president Khawaja Khawar Rashid, Vice President Zeeshan Khalil and Executive Committee members. “Rupee devaluation would be the last straw on the back of camel as external debts were already around $89 billion, exports are stagnant, and trade deficit is swelling.”