The devaluation of Pak rupee will have negative repercussions on the national economy in addition to fomenting a new wave of price hike in the country, said Faisalabad Chamber of Commerce and Industry (FCCI) President Muhammad Ayub Sabir.
Criticising the proposal of devaluation, he said the benefit of expected import of Rs1600 billion would be automatically passed on to the foreign buyers due to devaluation. The devaluation would also trigger a price hike and thus directly affect the common man with the increase in the prices of food items, he added.
He demanded of the government not to take decision to devalue the Pak currency and efforts should be made to further strengthen national economy and save industrial and business sectors from any additional problems due to the devaluation of the rupee.
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