SIALKOT: At least 17 percent devaluation of euro has caused tremendous loss to the Sialkot exporters during the last few months. The exporters had fixed their business deals last year when one euro was equal to Rs 134.0212. Now, the foreign customers were making payments in euro to their business partners in Sialkot where the banks are giving the rate of Rs 111 against one euro. This situation is causing loss of billions of rupees to the Sialkot exporters.
Acting President of Sialkot Chamber of Commerce and Industry (SCCI) Mir Alamgir Mayer has urged the federal government to announce early fixation of the prices of US dollar, pounds and euro for next several months for the Sialkot’s export industry.
SCCI Acting President revealed that the Sialkot exporters have demanded government’s support to offset the adverse effects of sudden appreciation of the exchange rate on their revenue. They said that revaluation of the Rupee against Euro will decrease the value added exports from Sialkot.
Mir Alamgir Mayer narrated that the strengthening of the Pakistan 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 great financial losses to the Sialkot exporters as well.
SCCI Acting President asked the government to make some effective and positive measures to heal the wounds of Sialkot exporters, as the wounds of the energy crisis-beaten Sialkot 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 Euro prices, due to which the Sialkot exporters are suffering even more. He urged the Federal government to ensure the early reduction in the prices of the imported goods (the raw materials) to facilitate the business community, besides, reducing the POL prices, utility bills and daily used commodities, in this regard.
He urged the government to also ensure 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 value of the Pak Rupee.
