KARACHI: President of Korangi Association of Trade and Industry (KATI) Salman Aslam expressed concern over dollar exceeding 233 rupees in open market. He said that price should have been reduced after receiving assistance from International Monetary Fund (IMF) and friendly countries, stabilisation of foreign exchange reserves and actions of State Bank.

However, after a few days value of dollar started increasing again, which is harmful to economy. He said that in current situation, increase in value of dollar shows that smuggling is still going on and government’s measures are also not proving beneficial. He said that despite government increase in Regulatory Duty and permission for imports, they are increasing gradually, which is draining foreign exchange out of country, directly affecting value of dollar.  

Due to devaluation of rupee, inflation in country is increasing day by day and due to highest cost of production, industrialists are going bankrupt and industries are shutting down. Government has to seriously solve this problem otherwise economy will collapse if swift measures are not taken.

Published in The Daily National Courier, September, 09 2022

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