Business community urged to make transactions in local currency for economic stability: FPCCI president


ISLAMABAD, May 21 (APP):Federation of Pakistan Chamber of Commerce and Industry (FPCCI), President Daroo Khan Tuesday urged the business community to show nationalist approach and proposed that they should make transactions in local rupee instead of the US dollar for stabilizing the local currency.
To stop the currency crisis in the country, the government must take on board the business community for consultation and evolve strategy to end the crisis, he told APP here on Tuesday.
He said the people must do their business in local currency and transaction through local banks to stabilize the local currency for economic stability in the country.
He said the electronic and print media should start awareness campaign in this regard to guide the public.
Replying to a question, Daroo Khan said, “We must observe the same currency crisis few months back in Turkey, when the government and people of Turkey met this challenge with spirit and patriotism by buying more and more local currency.”
He said the people must not believe in propaganda and speculation and adopt the legal way of currency transaction and businesses for rupee stability.
The FPCCI president said the government was promoting ease of doing business for reducing the cost of doing business and to flourish more new businesses and investments for the economic stability and growth in the country.
Replying to another question, he said for reducing the trade deficit and to resolve the issue of balance of payment, “We need to avoid unnecessary import in the country.”
He said instead of being brand consciousness, “We need to promote the culture of buying local made products to boost growth of local industry and to increase job opportunities in the country.”
Daroo Khan said the FPCCI had given budget proposals to the government, where “We are more concerned about the low cost of doing business,” adding, “The government assured us to resolve the issue of local industry.”