Pakistan FMCG Importers Association (PFIA) expressed grave concern over the declining value of Pak rupee against the US dollar and urged the government and the State Bank of Pakistan to stop this trend as it may trigger a new wave of price hike as well as increase the import bill for the country.
In a joint statement issued here on Monday, PFIA President Anjum Nisar, other members - Nafees ur Rehman Barry, Muhammad Ejaz Tanveer and Zeeshan Bukhsi said that increase in value of the US dollar would enhance the prices of petroleum products thus making electricity more expensive besides increasing the cost of different raw material for the local industry.
They said that the import of FMCG items including some quality food articles would also go high leading to apprehensions of increase in their smuggling. "This sector was already making hue and cry after imposition of the regulatory duty and the devaluation will add fuel to the fire," they claimed.
They said that if the government was trying to support the declining exports by this mean it would not work. They said that our imports would go costlier while increase in raw materials for industry means to kick out our products from competition at the international level which were already facing tough competition because of higher input cost. PFIA leadership urged the government to take the corrective measures keeping in view the larger national interest.