The Pakistan Industrial and Traders Association Front (PIAF) has urged the State Bank of Pakistan (SBP) to take necessary measures to bring stability in the dollar's rate failing which it would increase inflation in the country. PIAF Chairman Irfan Iqbal Sheikh said the prices of essential items are likely to register substantial increase in the month of Ramazan if the dollar's rising rate could not be checked.
Terming the local currency's depreciation in the recent past a serious trend, he said it is adversely impacting the industrial production mainly as imported raw materials are becoming more expensive. As a result, not only the exportable goods but the essential items would become costly, he added.
Irfan Iqbal Sheikh said that the State Bank and the forex companies should play their pivotal role in stabilizing the greenback's rate. The rupee depreciation will result in increase in trade deficit on one side and multiply the external debt on the other, he said, and urged the government to take corrective measures in this regard.
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