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PIAF wants probe into rupee depreciation

PIAF wants probe into rupee depreciation

LAHORE: Pakistan Industrial and Traders Associations Front (PIAF) has demanded a high-level probe into devaluation of rupee.

PIAF Chairman Malik Tahir Javaid in a statement said the business community appreciated the SBP Governor’s timely intervention that helped stop rise in the prices of greenback but at the same time demanded the State Bank to identify the reasons and share the findings with the business community.

The PIAF Chairman was of the view that the sharp downfall in the rupee value had not only disturbed almost all sectors of the economy but also brought a new wave of price spiral that would not die down despite dollar’s retreat. “Six rupee increase in dollar price in a single day was an unusual phenomenon for a country like Pakistan as the mafia involved in this affair made billions of rupees in a single day while on the other hand those who bought the greenback to fulfil their foreign commitments suffered a great loss.”

He also urged Federal Finance Minister Ishaq Dar to prepare and launch a foolproof mechanism to stop recurrence of any such incident in future that had shaken the confidence of the business community. The PIAF also called for measure to stabilise economy as the things on economic front were not moving in the right direction because of high prices of power and petroleum products.