The Air Cargo Agents Association Pakistan (ACAAP) warned the government that all export cargoes by air could be stopped as “banks stopped remitting freight charges to foreign airlines over dollar shortage for three months”
According to the details, Air Cargo Agents Association Pakistan (ACAAP) writes a letter to the Ministers for Aviation and Finance and the Governor State Bank of Pakistan (SBP), warning that all export cargoes by air could come to a halt.
In the letter, the association noted that foreign airlines were considering stopping their services for Pakistan after banks stopped remitting freight charges to them over a “Dollars shortage” for three months.
Due to the ban on the national carrier – Pakistan International Airline (PIA), these foreign airlines uplift more than 85 percent of export cargo to all international destinations and contribute millions of dollars in earnings to the national exchequer.
The ACAAP also warned that if foreign airlines stopped their services to Pakistan, then serious issues could be created for the country’s international trade.
“If the international trade is stopped the economic situation will worsen,” the association warned, urging the government to issue orders for an immediate supply of dollars for air cargo services.
Remember that the Pakistani rupee continued its fall against US Dollar, today rupee hit a new all-time low of Rs269.10. The greenback gained Rs36.91 in the interbank market after the Exchange Companies Association of Pakistan (Ecap) removed an unofficial cap on the exchange rate.
According to forex dealers, the rupee’s losses continued as the local currency further depreciated by Rs6.50 against the US dollar in the interbank market. The rate of the dollar has reached an all-time high of Rs269.10 in the interbank market.