PIAF demands currency crash probe

LAHORE: A massive rupee devaluation of over 21 percent against dollar during the last six months demands an immediate high-level probe to find out what caused this currency disaster, industry officials said on Friday.

“The State Bank of Pakistan is urged to identify the reasons and share the findings with the business community,” Irfan Iqbal Sheikh, chairman Pakistan Industrial and Traders Associations Front (PIAF), said in a statement.

Sheikh said rupee had weakened by around Rs12 against dollar since June 1, 2018, increasing the country’s debt by around Rs1,200 billion.

The PIAF leader said this depreciation had not only disturbed almost all sectors of the economy but also brought a new wave of inflation that would not die down despite dollar’s retreat. “A six rupee increase in dollar price in a single day was an unusual phenomenon for a country like Pakistan as the mafia involved in this affair made billions of rupees in a single day, while on the other hand those who bought the greenback to fulfill their foreign commitments suffered a great loss,” he said.