Fluctuating currency: IT industry to quote price in US Dollars

• As all the stakeholders are importing their services and products in US Dollars and being paid in Pak Rupees, they are facing huge losses.
• A letter has been issued and signed by top players of the IT industry informing the customers about this new development.

(Karachi) Considering the recent economic shifts Pakistan has been passing through, major stakeholders of the Information Technology (IT) industry have decided to quote product and services charges in US Dollars. In this regard, a letter has been issued and signed by top players of the IT industry informing the customers about this new development.

The step has been taken considering the recent economic conditions due to which the whole industry has suffered heavily on account of rupee devaluation. The IT Infrastructure industry is an import based sector, hence heavily dependent on the imports and exchange rates. As all the stakeholders are importing their services and products in US Dollars and being paid in Pak Rupees, they are facing huge losses because the exchange rate is fluctuating and the difference is getting wider. To mitigate huge losses, it seems logical that the IT industry quotes the prices in dollars.

All stakeholders have been informed via direct letters that the IT hardware and software infrastructure industry will quote prices of products only in US Dollars which will be payable in Pakistani Rupees using the interbank conversion rate as on the date of payment.

The letter has been signed by the respective CEOs of all the major IT infrastructure companies of the country. All the players who have signed up on the new arrangement approves that this is a necessary move considering the currency fluctuation and value of imports.