PBF slams unprecedented hike in dollar value

The Pakistan Business Forum (PBF) on Friday slammed the sudden hike in the US dollar value at the interbank level, terming it a disaster for the economy.

Vice President of PBF Ahmad Jawad in his statement asked how could depreciation of the rupee can be allowed, the depreciation will increase the inflation rate to 30pc, he added.

The devaluation of the rupee has added Rs2.5 trillion to Pakistan’s total debt, the PBF official said.

He said it looks like the government is ready to meet all the IMF demands to revive its loan programme and as a result new taxes would be imposed on the industry and the masses. Fuel prices will also be increased.

PBF official also stressed attaining a balanced development in establishing united and fair society; stressing the growth with fair distribution enabling every Pakistani to participate in any principal economic activity.

Earlier in the day, the Pakistani rupee continued its downward trend with the local currency plunging Rs8.87 against the US dollar in the interbank market.

The greenback has gained Rs30.41 in the interbank market since Thursday after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.