FPCCI condemns irresponsible statement by Governor SBP on Exchange Rate

October 22, 2021: Mian Nasser Hyatt Maggo, President FPCCI, has condemned the insensitive, irresponsible and fictitious statement by the Governor SBP on depreciating value of Pakistani Rupee and how it is benefiting Pakistan.

The business, industry and trade community of Pakistan demands a better, more competent and responsible leadership at the helm of the affairs at State Bank of Pakistan, he added.

Mian Nasser Hyatt Maggo said that now we know that why the rupee has lost so much value in such a short span of time; as the leadership at the SBP has exposed itself through irresponsible statements and poor performance in maintaining the exchange rate.

FPCCI Chief said that there is no economic sense and justification in the statement that Pakistan has gained around $3 billion due to the recent depreciation in Pak Rupee. He added that the ground realities are diametrically opposite than that of assertions by SBP Chief.

Mian Nasser Hyatt Maggo emphasized that monetary policy should be devised in a manner to promote economic growth and bring stability in the economic indicators; however, monetary policy has failed to achieve any of the above.

Nasir Khan, VP FPCCI, has said that the unrelentingly depreciating exchange rate is playing havoc with Pakistani society and the economy. This is unsustainable and the Prime Minister should intervene – in the larger national interest – immediately to arrest the slide in the value of Pak Rupee.

Mr. Nasir Khan said that the government must address the domestic and imported inflation through its monetary and fiscal policies; instead of making lame excuses.    

Mian Nasser Hyatt Maggo said that hardly any justification exists in the continuation of the present Governor SBP. In fact, ethically speaking, he should prefer to resign himself in view of the totally indefensible policy structure given by SBP.

Mian Nasser Hyatt Maggo has also demanded a binding inquiry into the conduct of SBP in recommending sweeping tax concessions for non-resident companies to attract investments in government debt at very high rates to favor certain foreign commercial banks. The same conduct of Governor SBP is part of the historical archives when he was in Egypt.

Press Release