Dada Pota Show of 23-01-2019. The only program of business and economy in Pakistan.
Fitch Rating Pak Rupee Depreciation Edible Oil Imports Knitwear Exports Dada Pota Show 23-01-2019
Dada Pota Show 23-01-2019 based on Fitch Rating Pak Rupee Depreciation Edible Oil Imports Knitwear Exports.
Today, Dada G shared his opinion on important news that Fitch says SBP likely to devalue rupee in coming months.
Fitch Solutions on Monday said the State Bank of Pakistan (SBP) is expected to devalue rupee against US dollar again in the coming months, as the currency will remain under depreciatory pressures with weaker external finances.
The rupee fell over 25 percent in 2018 driven by a large current account deficit and increased foreign debt repayments. This has also put inflationary pressures on the cost of inputs for many domestic manufacturers, including the pharmaceutical companies.
In a report on the country’s pharmaceutical sector, Fitch quoted Zahid Saeed, chairman Pakistan Pharmaceutical Manufacturers Association (as saying that the manufacturing cost of medicines in the country had surged four percent, given the record devaluation of rupee and increase in duties and taxes on the industry.
Given that local pharmaceutical companies fulfil nine percent of the medicine need of the country, “recommendations were necessary to save the industry”.
Pakistan’s pharmaceutical market continues to face a number of headwinds that make it decidedly difficult for multinational drug makers. Besides several shortcomings in Pakistan’s regulatory and business environment along with endemic political instability, the country’s pricing environment continues to be an impediment to the pharmaceutical sector.
“Government of Pakistan aims to increase the prices of medicines, which bodes well for the domestic drug makers,” said the Fitch Solution’s industry trend analysis of the pharmaceutical sector. “The revenue generating opportunities for local pharmaceutical companies in Pakistan would improve following the decision.”
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