SCCI demands 10 percent special rebate to avert exporters’ revenue cuts by strong rupee


SIALKOT: Sialkot Chamber of Commerce and Industry (SCCI) has urged the federal government to announce 10 percent special rebate for the Sialkot’s export oriented industries for next four months, as exporters have demanded government’s direly needed support to offset the adverse effects of sudden appreciation of the exchange rate on their revenue. The sudden 12 percent revaluation of the rupee from Rs. 108 a US Dollar to Rs. 96 would wreak the value added exports from Sialkot.

Dr. Sarfraz Bashir President Sialkot Chamber of Commerce and Industry (SCCI) stated this while talking to the newsmen at SCCI here Tuesday. SVP Mian Muhammad and vice president Khawar Sapal were present on this occasion.

SCCI President added that the early announcement of 10 percent special rebate for coming four months would be helpful for Sialkot industry to overcome the further financial losses in this regard.

Dr. Sarfraz Bashir said that the decrease in the value of US Dollar was causing great financial losses of billions of rupees to the Sialkot exporters, who had fixed their business deals with their foreign customers in US Dollar (Rs. 108 in Pak Rupee) earlier before the devaluation of the Dollars. Now, the foreign customers were making payments in the US Dollar to their business partners in Sialkot-Pakistan, where, the banks were giving the rate of Rs. 96 against one US $. This situation was causing great financial losses of billions of rupees to the Sialkot exporters.

He said that the strengthening of the Pak Rupee against US Dollar was a very good and healthy sign to boost the national economy, but at the same time depreciation in the value of US Dollar was causing great financial losses of billions of rupees to the Sialkot exporters as well.

SCCI President asked the government to make some effective and positive measures to heal the wounds of exporters, as the wounds of the energy crisis-beaten exporters still remain green.

He added that there was no decrease in the prices of the imported goods especially the raw materials despite the decline in the US Dollar prices, due to which the Sialkot exporters were also suffering from great financial losses. He urged the federal government to ensure the early reduction in prices of the imported goods (the raw materials) to facilitate the business community, besides, reducing the POL prices, utility bills and daily use commodities.

He urged the government to also ensure the early reaching of the goods impacts and benefits of the devaluation in Dollar 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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