ICCI concerned over sharp devaluation of rupee

Islamabad: The Islamabad Chamber of Commerce & Industry (ICCI) has shown great concerns over the sharp devaluation of rupee against dollar as it would cause manifold increase in foreign debt, enhance cost of production and unleash a new wave of inflation for the common man making his life more miserable. It called upon the SBP and the caretaker government to take urgent remedial measures to end volatility and bring stability into the value of rupee.

ICCI President Sheikh Amir Waheed said that Pakistan was already overburdened with foreign debt while falling value of rupee would make manifold increase in foreign debt as devaluation of Rs.1 caused almost Rs60 billion increase in public debt. He said the falling value of rupee against dollar was indicative of a weak economy and added that any further devaluation of rupee would create additional challenges for our fragile economy.