Islamabad, October 21, 2022 (PPI-OT):Former Vice President of FPCCI Atif Ikram Sheikh on Friday said the pressure on the local currency is increasing due to uncertain political and economic conditions. The market is suffering from a slowdown, which is increasing the difficulties of 220 million people, he said. Atif Ikram Sheikh said that immediate steps can be taken to restore the confidence of the business community.

Shaikh who has served as Chairman PVMA, said that due to fluctuations in oil prices, the price of everything is affected. The commodity prices in the international market are not satisfactory and the production of important crops in Pakistan has also decreased to an alarming extent, which is adding to the problem of food security.

He noted that the cotton crop has also been destroyed due to floods that have added to the problem of the textile sector. The business leader noted that there was some increase in the value of the rupee due to the IMF loan, but it was only for a few days, after which it resumed its downward journey. Recently, the rupee remained stable for two weeks and it is again weakening now. He said that the rupee and foreign exchange reserves can be supported by increasing exports and controlling imports.

He informed that many problems have started to arise due to the decrease in remittances coming to Pakistan as the handi and hawala business is getting active again and there is no possibility of a significant reduction in inflation for the next few months in the current situation. He lauded the government’s plan to import oil and gas from Russia which will save a substantial amount of foreign exchange and help stabilise the rupee, strengthen forex reserves and provide relief to the masses.

For more information, contact:
Atif Ikram Sheikh
Ex. Chairman PVMA, Former VP, FPCCI,
Former President ICCI, Former President HCCI,
Tel: +92-51-4437597, 4440772
Fax: +92-51-4440773