Govt urged to check rupee depreciation

FAISALABAD: President Faisalabad Chamber of Commerce and Industry (FCCI), Shabbir Hussain Chawla has expressed concern over the fourth consecutive depreciation of Pakistani Rupee from December 2017.

He urged the government to take immediate steps to check further devaluation of the country’s currency so that the economy could be saved from the ever increasing burden of foreign debts.

In a statement issued here on Wednesday, he said widening of gap between the imports and the exports was an eye opener for the policy makers but neither the previous nor the caretaker government has taken timely measures to check further depreciation. He added that strategy to get fresh loans to pay back the installments of previous loans had already pushed economy to the verge of bankruptcy. The government must take prudent and immediate measures to check further decline of the Rupee. He said appreciation of dollar would further increase our import bills making our exportable surplus expensive and uncompetitive in the international markets.