KARACHI: Korangi Association of Trade and Industry (KATI) has said that the continuous depreciation in Pakistan Rupee (PKR) against the dollar made it the worst currency in the region.
In a statement issued on Wednesday, Salman Aslam KATI President said that the value of the dollar was continuously rising which has made the Pakistani rupee one of the worst currencies in the region while raising fears of a severe surge of inflation in the country.
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Political instability has cut off domestic and foreign investment, which is a matter of great concern. Salman Aslam said that the value of the dollar has reached a historic high of Rs 186 which is detrimental to the economy.
He said that the countries whose currencies had depreciated so fast in the world were on the verge of collapse and those governments have failed to rebuild their economies.
In such a case, it becomes the responsibility of the SBP to intervene realizing the gravity of the matter and stopping the diminishing value of the rupee.
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President KATI said that the political leaders of the nation should also work for reconciliation for the sovereignty of the country and the nation instead of political confrontation otherwise Pakistan could not afford to face further economic crisis.
Salman Aslam said that the historical rise of the dollar and the economic crisis are first and foremost hurting trade and it has become very difficult for exporters to compete in the world.
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President KATI expressed concern that if the situation continues like this, the fear of high inflation, unemployment, and chaos is increasing. He appealed that the sovereignty of Pakistan shall not be compromised and the economy must be saved by finding immediate solutions to the problems.
Salman Aslam also appealed to Governor SBP to play his role in preventing rupee depreciation on an emergency basis.
