Business

‘Steps taken could not curb demand’

'Increased exports and improved remittances have not helped to stabilise forex reserves'

Ppi July 18, 2018

FPCCI President Ghazanfar Bilour said adjustment in the exchange rate, increased policy rate and other measures had not helped contain nervousness that had resulted in high domestic demand for the US dollar. PHOTO:AFP

ISLAMABAD: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) has said that continued erosion in the exchange rate proves that the measures adopted to reduce dollar demand have not worked as expected due to uncertainty. “The country saw the fourth round of depreciation as the rupee crashed to Rs129.4 to the greenback due to the gap in demand and supply, which is very unfortunate,” it said in a statement on Tuesday. FPCCI President Ghazanfar Bilour said adjustment in the exchange rate, increased policy rate and other measures had not helped contain nervousness that had resulted in high domestic demand for the US dollar. “Increased exports and improved remittances have not helped to stabilise forex reserves as expenditures remain much higher than the income,” he added.

Published in The Express Tribune, July 18^th, 2018.

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