Economic Crisis: ‘SBP needs to control fall of rupee’

LAHORE: The Lahore Chamber of Commerce and Industry (LCCI) has demanded of the State Bank of Pakistan to control rapid surge in dollar price through strict measures otherwise it will cause a big blow to the economy. “Inter-bank US dollar rate is ringing alarming bells and calling for immediate attention of the SBP to avoid economic crisis,” LCCI Acting President Khawaja Khawar Rashid, Vice President Zeshan Khalil and Executive Committee members said in a statement. They said, “Rupee devaluation would be the last straw as external debt is already around $89 billion, exports are stagnant and the trade deficit is swelling.” The LCCI president said that the SBP needed to ascertain the factors weakening the value of rupee and check the possibilities of undue speculations and malpractices in the operation of foreign exchange markets in Pakistan.

Published in The Express Tribune, March 21^st, 2018.

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