KARACHI: Korangi Association of Trade and Industry (KATI) President Salman Aslam has expressed concern over high exchange rate of US dollar in open and interbank market.

He said that the rate of the dollar had reached a record high in the history of the Pakistan, leading to rising inflation and unemployment.

President KATI said that the increase in prices due to supply and demand is not justified. If the demand for the dollar increases, the value of the dollar may increase but the increase in supply does not show any decrease in prices which is the matter of concern.

He said that the dollar could be allowed to float freely in the market to a certain extent. The dollar did not fall, nor did importers benefit from the increase in the value of the dollar.

He appealed to the Prime Minister to make efforts to devalue the dollar and to convince the IMF that the Pakistani economy could not afford further appreciation of the dollar.

He said that dollars were also being smuggled from Pakistan to Afghanistan, which has been largely curtailed by the government with the increase in border security. The rise has also alarmed industrialists. He said that the prices of raw materials have also gone up while the industrialists are facing difficulties in fulfilling the import orders.

Copyright Business Recorder, 2021s