Major players in the IT industry have decided to quote prices in US Dollars because of the recent economic shifts Pakistan has been going through. A letter was circulated and signed by most of the big names in the IT infrastructure industry, and they have forwarded the notification to their customers as well, informing them of this change.
The whole industry has suffered heavily because of the rupee’s devaluation. The IT Infrastructure industry is an import-based sector, hence, heavily dependent on exchange rates. As all the companies are importing their services and products in USD and being paid in PKR, they are facing unforeseeable losses because of the fluctuating exchange rate. With the aim to mitigate their losses, this decision seems to be a sensible one.
All stakeholders have been informed via direct letters that the IT hardware and software infrastructure industry will quote prices of products in US Dollars only, which will be payable in PKR 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 in the country. Those who have agreed with the new arrangement approve that this is necessary because of the uncertain value of imports.
To work towards a thriving tech-based economy, tech companies must move forward progressively. Pakistan is still lagging in terms of technological developments, and so, a favorable business environment must be created for the IT industry.
Addressing this issue will not only help the IT infrastructure industry to remain sustainable but it will also enable companies to provide uninterrupted services to their customers.