KARACHI: Karachi Chamber of Commerce and Industry (KCCI) president Muhammad Idress has expressed deep concern over the statement of Governor State Bank of Pakistan Dr Reza Baqir about the devaluation of the Pakistani rupee.
Idress in his statement said overseas Pakistanis send around eight billion US dollars into Pakistan in which rupee devaluation recently has added about 11 per cent, but he added that the import bill has surged a worrying 65 pc due to this which is being ignored.
KCCI chief said it would be better not to try and defend wrong policies and instead of ensuring benefit to a select of people, the policies must be for a larger interest of Pakistan.
Dollar gaining against rupee has little advantage but it dents local economy on a much bigger level, he said.
Read more: Overseas Pakistanis benefitted from exchange rate depreciation: SBP Governor
Just today the external debt as surged to $13.5 from $12.5 due to bleeding rupee, said Idress.
It may be noted that earlier in the day, Governor State Bank Reza Baqir had said that the rupee devaluation has greatly benefited overseas Pakistanis.
He was addressing a press conference in London, where he said the rupee devaluation has increased inflation in the country but on the other hand the overseas Pakistanis have been benefited from the devaluation.
