IT INDUSTRY TO QUOTE PRICES IN USD TO OVERCOME CURRENCY FLUCTUATION
KARACHI: Major players of the IT industry have decided to quote prices in US Dollars considering the recent economic shifts Pakistan has been going through. A letter is circulated and signed by top players of the IT infrastructure industry and they have disseminated the notification to their customers as well informing them about this change.
The step has been taken considering the recent economic conditions due to which the whole industry has suffered heavily on account of rupee devaluation. IT Infrastructure industry is an import based sector, hence heavily dependent on the imports and exchange rates. As all the players are importing their services and products in USD and being paid in PKR, they are facing huge losses because the exchange rate is fluctuating and the difference is getting wider. To mitigate huge losses, it seems logical that the IT industry quotes the prices in dollars.
All stakeholders have been informed via direct letters that the IT hardware and software infrastructure industry will quote prices of products only in US Dollars which will be payable in Pakistani Rupees using the interbank conversion rate as on the date of payment.
The letter has been signed by the respective CEOs of all the major IT infrastructure companies of the country. All the players who have signed up on the new arrangement approves that this is a necessary move considering the currency fluctuation and value of imports.
In order to develop and work towards a thriving tech based economy, it is extremely important that the tech companies are moving forward in a progressive manner. Pakistan is still lagging behind in terms of technological developments and it is imperative that a favorable business environment is created for the IT industry. Addressing the issues would not only help the IT infrastructure industry to remain sustainable, but would also enable the companies to provide uninterrupted services to the customers.