LCCI urges govt to stop dollar flight

LAHORE:

Lahore Chamber of Commerce and Industry (LCCI) on Friday urged the government to take immediate measures to stop the dollar flight against the Pakistani rupee as the inter-bank dollar rate jumped to over Rs200 following this exorbitant depreciation. LCCI President Mian Nauman Kabir, Senior Vice President Mian Rehman Aziz Chan and Vice President Haris Ateeq held the view that the State Bank of Pakistan (SBP) should take stringent measures to control the continuous fall of local currency against the greenback – with a record devaluation of around 6%. Businessmen expressed their concern over the tumbling rupee value and attributed recent devaluation to political uncertainty, rise in global crude oil prices and a burgeoning trade deficit that has surpassed $39 billion in the first 10 months of the current fiscal year.

Published in The Express Tribune, May 21^st, 2022.

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