District: (About 25 % decrease in Euro’s value causes huge losses to Sialkot exporters)January 31, 2015
SIALKOT: As many as 25 percent decrease in the value of Euro during the last few months was causing great financial losses of billions of rupees to the Sialkot exporters, who had fixed their business deals with their foreign customers in Euro earlier before the devaluation of the Euro.
Now, the foreign customers were making payments in the Euro to their business partners in Sialkot-Pakistan, where the banks were giving the rate of Rs. 111 against one Euro. This situation was causing great financial losses of billions of rupees to the Sialkot exporters.
Acting President Sialkot Chamber of Commerce and Industry (SCCI) Mir Alamgir Meyer on Sunday expressed grave concern over this critical situation. He urged the federal government to announce early fixation of the prices of US $, Pound and Euro for next several months for the Sialkot’s export oriented industries.
SCCI Acting President revealed that the Sialkot exporters have demanded government’s direly needed support to offset the adverse effects of sudden appreciation of the exchange rate on their revenue. They said revaluation of the rupee against Euro would wreak the value added exports from Sialkot.
Mir Alamgir Meyer said that strengthening of the Pak Rupee against Euro was a very good and healthy sign to boost the national economy, but at the same time depreciation in the value of Euro was causing billions of rupees losses to the Sialkot exporters.
He urged the government to also ensure the early reaching of the goods impacts and benefits of the devaluation in Euro prices to the common people as well, who still have been lying deprived of the benefits of the strengthening in the value of the Pak Rupee.
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