Pakistan Hardware Merchants Association (PHMA), while appreciating the Federal Interior Minister Rehman Malik for taking prompt notice of the appreciating dollar, urged him to ensure greenback rate at Rs 85.00 a dollar, as has been hinted by him, in the larger interests of the economy.
PHMA Central Chairman Sardar Usman, Central Vice Chairman Tariq Rashid and Zonal Chairman Sheikh Ahmad Dawood in their joint statement on Thursday said that if the government successfully contains the dollar rate, it would not only give boost to trade and economic activities but would also establish government writ.
They said that expensive dollar means costly raw materials that always result in lower and depressed productions and decreased economic activities. As much as 60 per cent of total country's consumption is import based including oil and the high priced dollar multiply the already going up prices of daily use items, they said. The PHMA office-bearers said that the business community was keenly watching the fluctuation in dollar price and the State Bank of Pakistan is duty-bound to take all possible steps to strengthen the rupee value.
It was understandable to the business community that why the SBP played a silent spectator role when the punters and the black-marketers were ruling the roost and trying to paint a picture the dollar would reach Rs 100 ceiling, they added. It is the role of the State bank of Pakistan to give policy statement on actual dollar scenario, as the speculators generally spoil the entire business environment for their ulterior motives, they maintained.
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