High inflation dampens activities on Eid
ISLAMABAD: President Islamabad Chamber of Commerce and Industry, Muhammad Ijaz Abbasi has said high inflation has depleted people’s purchasing power and has negative impacts on business activities in the country. In his comments on the slow turn out of customers for Eid shopping, he said when inflation crosses reasonable limits, it puts negative effects on consumers, businesses and the economy because it reduces the value of money. He said price hike also discourages savings and investment; therefore, there is a need of urgent remedial measures to arrest the rising trend of inflation as well as downward slide of rupee to ease pressure on the economy. He said rising electricity and fuel prices have made conditions tougher for people squeezing their purchasing capacity. Abbasi said incomes of foreign investors have also gone down as inflation has reduced the value of Pakistani rupee in the last four months. He said earlier foreign investors used to repatriate their income at the rate of Rs 60 a dollar, now they have to pay more than Rs 78 for a dollar. app
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