‘Dollar surge hits business activities’

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has termed uncontrolled dollar prices a big blow to the business activities and urged the government to immediately intervene in the matter, a statement said on Friday.

LCCI President Almas Hyder said that surge in dollar price will badly affect manufacturing sector, as raw material price and cost of doing business will go up.

The rupee devaluation will cause high inflation and halt growth by hitting all the important sectors of the economy, he said, adding that dollar price will lead to increase in import costs, hike in POL prices, etc.

The LCCI president said the government, Ministry of Finance and the State Bank of Pakistan need to ascertain the factors weakening the value of the rupee and check the possibilities of undue speculations and panic buying.

This will help stabilise the rupee and restore the confidence of the business community, he added.

An unchecked increase in the dollar rates is multiplying the cost of doing business and badly affecting the industrial, manufacturing and agriculture sectors, as Pakistan has to import fertilisers, food items, oil, machinery and industrial raw material.