KARACHI: With the rupee reaching Rs 167 against the dollar, there will be a storm of inflation in the country. Food prices will skyrocket. The livelihood of the poor and middle class will become more difficult. These views were expressed by Zubair Tufail, Former President of FPCCI and President of United Business Group.
He said that the gap between imports and exports was widening and if immediate steps were not taken, the situation could become alarmingly dangerous.
He said that the government should take steps to curb unnecessary imports on an emergency basis. Zubair Tufail said that the Governor State Bank has repeatedly hinted at freeing the value of the dollar in the market and fully supported it, but in the current situation the economy cannot afford it.
He said that the international and Pakistan’s economy controlling inflation in the country is already a challenge for the government. In such a case, not controlling the value of the dollar will only add to the difficulties.
He appealed to the Governor SBP Dr. Raza Baqir to intervene in the current situation to control the sudden rise in the value of the dollar and hold the dollar to a certain level otherwise the country’s economy would not be able to bear the rise. It will be difficult for the government to deal with the sharp rise in national debt, historical inflation and then the trade deficit.
He appealed to the Prime Minister that in this era of inflation, it has become inevitable to stop the value of the dollar in one place, the people of Pakistan can no longer afford inflation.
Zubair Tufail appealed to the Prime Minister to take immediate action realizing the gravity of the situation as the appreciation of the dollar has led to fears that the rupee will depreciate further which is not only for national security but also for the economy.
He further said that if Prime Minister Imran Khan did not resolve this issue, Pakistan’s sovereignty would be endangered and the country’s debt would increase exponentially. That is why it is important to control the value of the dollar and ban unnecessary imports.