FPCCI slams SBP governor’s statement

KARACHI: Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Friday condemned the insensitive, irresponsible and fictitious statement given by the State Bank of Pakistan governor on the deprecating value of the rupee and how it was benefiting Pakistan.

“The business, industry and trade community of Pakistan demands better, more competent and responsible leadership at the helm of the affairs at State Bank of Pakistan,” Mian Nasser Hyatt Maggo, FPCCI president said in a statement.

Maggo said the SBP governor should resign as there was no justification in view of the totally indefensible policy structure given by SBP.

He also called for an inquiry into the conduct of SBP in recommending sweeping tax concessions for non-resident companies to attract investments in government debt at very high rates to favour certain foreign commercial banks.

“Now we know why the rupee has lost so much value in such a short span of time; as the leadership at the SBP has exposed itself through irresponsible statements and poor performance in maintaining the exchange rate,” he added.