Kia Lucky Motor Corporation (KLMC) has suspended bookings for all cars in Pakistan following the sudden fall of Pakistani Rupee (PKR) against the US Dollar (USD) after the State Bank of Pakistan (SBP) removed the cap on exchange rates.
“Keeping true to this ideology, we would like to share that, owing to the recent significant volatility of US Dollar (USD) against Pakistani Rupee (PKR), we have no other option but to temporarily suspend booking of all Kia vehicles.” the company said in a statement.
“We would like to affirm that once the USD parity with PKR stabilizes, we will resume the booking of all Kia vehicles.” Kia Lucky Motor Corporation (KLMC) added.
Yesterday, it was being reported that Kia had suspended bookings for all cars in Pakistan due to shortage of ready stock with the company. However, the automaker has confirmed the real reason behind the suspension of bookings.
Here is a copy of the press release:
It is pertinent to mention that other automakers have also suspended bookings of cars and motorcycles in the country as Pakistani Rupee (PKR) reaches record low against US Dollar (USD) and the situation is expected to get worse in the coming weeks.
Read more: Dollar Rate in Pakistan (Daily Updates).