KCCI says let market forces set dollar rate

KARACHI:

Karachi Chamber of Commerce and Industry (KCCI) and the Businessmen Group (BMG) has demanded release of containers stuck at the ports.

They said that if there was any benefit in keeping value of dollar open, it should be left to the market forces.

BMG Chairman Zubair Motiwala along with KCCI President Tariq Yusuf, Vice Presidents Tauseef Ahmad and Haris Agar and others demanded these measures from government while addressing a press conference at KCCI on Wednesday.

The representatives of trade and industry said demurrage on containers stopped at the ports has surpassed the value of consignments. They said that the State Bank circular issued to the banks about foreign exchange payments is unclear.

Banks are not opening letters of credit (LCs) for the import of chemicals, dyes, machinery including essential items. Containers of essential goods have been stuck at the port for two months. They said that the situation is difficult, but they have demanded to clear the containers arriving at the port.

They said that foreign buyers of Pakistani textile products are inquiring about the shipments within the stipulated period, but the exporters are unable to make any commitment due to uncertain situation. Foreign buyers are concerned whether Pakistani exporters will be able to fulfill orders due to economic instability.

They questioned how to run industry and trade in an unclear policy and environment.

Published in The Express Tribune, January 12^th, 2023.