Political parties held responsible for economic crisis.

KARACHI -- Karachi Chamber of Commerce and Industry (KCCI) Thursday accused all the political parties of being responsible for the current pathetic economic situation in Pakistan. Chairman Businessmen Group Zubair Motiwala and President KCCI Muhammad Idrees in a joint statement expressed concerns as they felt that political parties are not understanding the gravity of the situation of the economy and the repercussions on the future of the country.

Motiwala warned that many businessmen were thinking of closing down their businesses, if not forever then on a temporary basis and most of them were even looking for the second option of shifting to a worthwhile place to do business. He lamented that banks were making humungous amount of money on foreign exchange transactions while State Bank of Pakistan had not been effectively regulating them due to which the difference between the interbank rate and banks' negotiated price had crossed Pak rupees and even then banks were not releasing dollars. 'The business community faces cost uncertainty on the goods they are importing especially those which are on 90 or 120 days credit and about the fate of the goods they have already sold in the market. L/Cs for even the most essential items which are necessary to keep the wheels of industry running require former approval of SBP which has been very strict with the business community but it is quite relaxed when it comes to controlling the banks,' he added.

Chairman BMG Zubair Motiwala, Vice Chairmen BMG and Former Presidents KCCI Tahir Khaliq, Haroon Farooki, Anjum Nisar, Vice Chairman BMG and Former Senior Vice President KCCI Jawed Bilwani and General Secretary BMG and Former President AQ Khalil, stressed upon the need to have political stability in the country.

General Secretary BMG A Q Khalil stated that...

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