Islamabad: The Federation of Pakistan Chambers of Commerce and Industry (FPCCI) on Tuesday said the government has dropped petrol and dollar bomb on masses days before the religious festival of Eid.
A record reduction of Rs4.40 in the value of local currency versus US dollar is a big blow to the masses while upward revision in the prices of petroleum products will jolt the whole economic structure of the country, said President FPCCI Ghazanfar Bilour.
In a joint statement issued here today, Ghazanfar Bilour, SVP of FPCCI Mazhar Ali Nasir and Chairman Coordination of FPCCI Malik Sohail said that the devaluation has added almost Rs400 billion to foreign debt and it has also exposed the tall claims of politicians regarding economic stability.
They noted that the finance minister of the PML-N had recently assured the masses that further devaluation is not needed but the policymakers took everyone by surprise.
The business leaders said that the difference in the interbank and market rate of dollar is spreading which will discourage legal money transfers and promote hundi hitting remittances.
Record trade deficit and current account deficit has added the economic challenges while the economic managers have found it convenient to tackle problems by devaluing the currency and borrow which amounts to economic suicide, the business leaders added.
They said that SBP would only point towards problems but prefers to remain mum about solutions which is damaging its credibility.