Karachi, March 13, 2014 (PPI-OT): Sudden drop in dollar against Pak Rupee turned all export business in red and exporters suffered huge losses in last 10 days. Payments expected to be realized at Rs. 105 were received at 6% to 8% less value as against thin margin of profit which ranges from 1% to 2.5% due to energy crises and higher cost of doing business.
This was stated by Former Chairman of Pakistan Tanners Association Mr. Agha Saiddain. He criticized the policies of government saying that authorities must realize that exporters cannot survive in turbulent exchange rate. He said exporters are not interested in devaluation of Pak Rupee but government must maintain exchange rate which is not so humpy and fluctuating. He said that both Rs. 110 against dollar and Rs. 99 against dollar are wrong for exporters.
The customers asked for price reduction when Pak Rupee dropped suddenly and nobody is accepting higher prices due to weaker dollar. He said sudden increased and drop shows that government has no control over exchange rate and policy maker take credit of free market situation and blame bankers when exchange rate goes up.
He said policy makers have set exchange rate on auto pilot and nobody realizes difficulties that exporters are facing. He suggested government not to politicize exchange rate which can have serious repercussion on countries economy and balance of payment.
For more information, contact:
Pakistan Tanners Association
46-C, 21st Commercial Street,
Phase II, Extn., Defence Housing Suthority,
Karachi-75500 – Pakistan.
Tel: +92-21-35880180, 35880184, 35899819,
Category: General Business News