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Pakistan: leather garment makers complain about currency rates

15/04/2014
Pakistan’s Leather Garment Manufacturers’ and Exporters’ Association (PLGMEA) recently held a meeting with the chief executive of the country’s Trade Development Authority, S.M. Muneer, to complain about the effect on their businesses of a devaluation of the local currency, the rupee, which the government imposed in mid-April.

From a rate some months ago of around 105 rupees to the US dollar, the new rate has falled to around 96. PLGMEA members complained that orders they took in January and February have earned them 9% less than they expected because they have been paid in dollars at the lower rate.

They asked the government to find ways of compensating them, through tax relief or through the duty drawback system, which aims to give incentives to exporting companies.



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