KATI records concerned over US Dollar exceeding PKR 233

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President of Korangi Association of Trade and Industry (KATI) Salman Aslam expressed concern over the price of dollars exceeding 233 rupees in the open market. He said that the price should have been reduced after receiving assistance from the International Monetary Fund (IMF) and friendly countries, stabilization of foreign exchange reserves and the actions of the State Bank. However, after a few days the value of the dollar started increasing again, which is harmful to the economy.

Salman Aslam said that in the current situation, the increase in the value of the US dollar shows that the smuggling is still going on and the government’s measures are also not proving beneficial. He said that despite the government’s increase in regulatory duty and permission for imports, they are increasing gradually, which is draining foreign exchange out of the country, directly affecting the value of the dollar. Unnecessary imports should be banned again, concrete steps should be taken to prevent the smuggling of dollars so that the price in the market will remain stable.

President KATI said that due to the devaluation of the rupee, inflation in the country is increasing day by day and due to the highest cost of production, industrialists are going bankrupt and industries are shutting down. The government has to seriously solve this problem otherwise the economy will collapse if swift measures are not taken.

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