Call to stop devaluation of rupee

LAHORE:President Friends of Economics & Business Reforms (FEBR) Kashif Anwar has expressed deep concern over rapid hike in US dollar and urged the government to control the dollar as it would give a new blow to the economy.

In a statement, Kashif Anwar said surge in dollar will badly affect manufacturing sector as raw material price and cost of doing business will go up. He said devaluation of rupee would cause high inflation and halt growth by hitting all the important sectors of economy. He said dollar price will lead to increase in import costs and hike in POL prices.

President FEBR said that the government and State Bank of Pakistan need to ascertain the factors weakening the value of rupee and check the possibilities of undue speculations and panic buying. This will help stabilise rupee and restore the confidence of the business community.

He said an unchecked increase in dollar rates would multiply the cost of doing business and badly affect the industrial, manufacturing and agriculture sectors as Pakistan has to import fertilizers, food items, oil, machinery and industrial raw material.