Industry

The soaring dollar puts business, SMEs survival on risk

Karachi, May 18, 2022: Saqib Naseem, Chairman of Pakistan Yarn Merchants Association (PYMA), Muhammad Junaid Teli, Vice Chairman, Sind & Balochistan region, while expressing deep concern over the continued appreciation of the dollar and the significant depreciation of the rupee, appealed Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail and Governor SBP Dr Reza Baqir to take immediate steps to curb the rising dollar. If effective strategy is not adopted, then industries including domestic market especially SME sector will be destroyed.

In a statement, PYMA office bearers said that in the interbank market, the dollar has risen to a high of Rs 199, while in the open market the dollar has exceeded Rs.200. As a result of which it is becoming almost impossible to run business and run industries, the government needs to take serious steps to save the economy from catastrophe.

Saqib Naseem, Junaid Teli further said that due to non-receipt of dollars, documents in banks are not being cleared, which is a big problem for the business community and the domestic market, especially SMEs, has been devastated.

PYMA office bearers said”, 40% of raw materials are imported for the fulfilment of export orders, the rising dollar has also made the raw material more expensive which has made it difficult for timely completion of export orders”.

Saqib Naseem, Junaid Teli appealed Prime Minister Shehbaz Sharif, Finance Minister Miftah Ismail and Governor SBP Dr Reza Baqir to devise such a strategy to prevent the rupee from depreciating and the dollar from appreciating. This will help reduce business and production costs. Otherwise, it will be impossible for the business industry, SMEs, to survive.

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