Depreciating rupee on IMF directives unfortunate: ICST

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ISLAMABAD:  Islamabad Chamber of Small Traders on Saturday said weakening rupee on the directives of IMF is unfortunate as inflation has started to increase hitting the entire population of the country. Record fall in the value of rupee against the dollar is unfortunate which has impaired all the sincere efforts to stabilize exchange rate since last many years, it said.

The move engineered by the government has pleased IMF, the central bankers and few exporters while the common man is facing increased hardships, said Patron Islamabad Chamber of Small Traders Shahid Rasheed Butt. He said that savings of the masses have automatically been eroded with no fault on their end which can be called apathy of the policymakers.

Shahid Rasheed Butt said that rupee will continue to shed points as long as the government only care for the welfare of the nobility on the cost of masses.

Many currency dealers and speculators are getting the undue benefit of the situation while the central bank has preferred to be a silent spectator, he added. The controversial decision is making imports costly and stoking inflation as the devaluation will not support the exports as expected. Masses are paying the price for wrong decision of the government to appoint blue eyed at important slots who always preferred personal gains over national interests.

He said our export sector has been addicted to subsidies, tax breaks, bailouts, and currency devaluation and the recent development will deprive them of incentive to upgrade machinery, improve quality and find new markets.

The government which claimed an economic miracle for years will have to borrow more to save the country from default, he warned.