Islamabad: Traders in Pakistan, led by the influential business leader Shahid Rasheed Butt, have expressed strong opposition to recent calls for further devaluation of the rupee, warning that such measures could destabilize the economy and worsen inflation.

According to Islamabad Chamber of Commerce and Industry, Shahid Rasheed Butt, a former president of the Chamber, criticized the proposal, arguing that the currency has already suffered significant devaluation, placing a heavy burden on ordinary citizens through increased inflation. Further devaluation, he warned, would exacerbate economic instability and potentially lead to social unrest.

In a public statement, Butt urged policymakers to prioritize strategies that enhance production and exports rather than manipulating currency values. He noted that industrial electricity prices in Pakistan are nearly double those of competing nations, which, along with high taxes, steep interest rates, and a challenging law-and-order situation, are deteriorating the business climate. These factors are reportedly prompting capital, investors, and multinational companies to exit the country.

Butt labeled it unacceptable for all sectors to be compromised to benefit influential independent power producers. He pointed out that as industries attempt recovery, government agencies intensify their control. Pakistan's exports remain stagnant, with major contributions from textiles and agriculture failing to meet potential growth.

He called for the cessation of transferring the burden of electricity theft and poor political decisions onto industrial and domestic sectors. Butt emphasized the need for genuine reforms to address economic issues, advocating for policy stability and consistent implementation to revive business confidence and investment. He recommended measures such as predictable taxation, affordable energy, and accessible finance and urged the government to engage with industry leaders to make informed economic decisions and avoid business shocks.

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