The business community in Pakistan is frustrated with the recent hike in the value of the dollar against the rupee

The business community in Pakistan is frustrated with the recent hike in the value of the dollar against the rupee and is calling on the government to find a permanent solution. The rupee recently reached a new low, depreciating by 9.61% in one day to close at 255.43 against the dollar. The Vice President of the Pakistan Business Forum (PBF), Ahmad Jawad, expressed his concern about this rapid decline and called it a disaster for the economy that will result in even higher inflation.

On the other hand, the President of the Union of Small and Medium Enterprises (UNISAME), Zulfikar Thaver, blames currency exchange companies and big criminal organizations for the current state of the economy. He believes these groups hoard dollars and trade with black money to make huge profits. Thaver is calling on the government to take notice of these illegal activities and put a stop to them.

In contrast, the President of the SITE Association of Industries (SAI), Riaz Uddin, views the situation differently. He believes that the State Bank of Pakistan's (SBP) decision to allow the rupee to find its true value against the dollar is a positive step and that the SBP should now provide a framework for self-funded imports.

Jawad, however, believes that the root of the economic crisis lies in the flawed economic formula that Pakistan follows. He argues that the country borrows foreign currency-denominated loans, builds infrastructure, and then repeats the process over and over again. Jawad believes that a fairer allocation of political power is the key to better economic outcomes.

In conclusion, the business community in Pakistan is divided on the recent depreciation of the rupee and the cause of the economic crisis. While some believe that the SBP's decision to allow the rupee to find its true value is a positive step, others believe that illegal activities by currency exchange companies and a flawed economic formula are to blame. Regardless of the cause, the business community is united in its call for the government to find a permanent solution to the current economic situation.