PHMA terms devaluation devastating

KARACHI: A staggering over 6.5 percent devaluation of rupee against US dollar will balloon the import bill of the country on top of opening floodgates of inflation for masses, an industry official said on Friday.

“For the textile export sector, cotton was available on international price,” Jawed Bilwani, the central chairman Pakistan Hosiery Manufacturers & Exporters Association (PHMA) said in a statement.

“Most of the inputs are also imported such as dyes, parts, chemicals and petroleum products etc. As such, due to devaluation, their cost will also increase, resultantly increasing the cost of exportable goods.”

Bilwani said it would have a negative impact on economy and might lead to anarchy and precarious law and order situation.