This measure has become necessary, due to huge losses suffered by the IT industry due to currency fluctuation. The letter has been signed by the respective CEOs of all the major IT infrastructure companies of the country. Accordingly, all stakeholders have been informed about this development via direct letters. The step has been taken considering the recent economic conditions due to which the whole industry has suffered heavily on account of rupee devaluation.
According to market sources, IT infrastructure industry is an import-based sector, hence heavily dependent on 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.
Therefore to mitigate huge losses, it seems logical that the IT industry quotes the prices in dollars. All the players who have signed up on the new arrangement approve 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, the industry sources said.