it can't be PTI's fault
gotta be PML-N
cuz PTI cant do anything bad
You must have been under some kind of rock since, last 70 some years.
US dollar hits all-time high of Rs142 in interbank market
KARACHI: The US dollar hit an all-time high of Rs142 in the interbank market on Friday.
The greenback gained by Rs8 to touch the new high in the interbank market.
The rise in dollar comes owing to the widening current account deficit.
On November 23, the US dollar rose to a record high against the rupee as it reached Rs135.30 in the open market.
The government borrowed a total of $1.58 billion during the first four months (July-October) of the current fiscal year.
In the first two months of the fiscal year (July and August), the caretaker government took out loans of $820 million.
With the new Pakistan Tehreek-e-Insaf government in power, the borrowing continued. The government borrowed over $760.4 million during the months of September and October.
$320 million were borrowed from commercial banks, $230 million from China and $70 million from Islamic Development Bank.
Overall, the government is expected to borrow close to over $9.69 billion during the 2019 fiscal year.
@Maarkhoor @Jinn Baba @Major Sam @Umair Nawaz @volatile @CIS-TRANS @Canuck786 @SmartGeek @xyxmt @I FLY HIGH @Indus Pakistan @Proudpakistaniguy @BATMAN @Tameem @MUSTAKSHAF
A gift to the nation, by PTI govt. after completing 'successful' 100 days, taking country reverse.
KARACHI: The US dollar hit an all-time high of Rs142 in the interbank market on Friday.
The greenback gained by Rs8 (a five percent increase) to touch the new high in the inter bank market. The dollar stood at Rs 134 when the market closed on Thursday.
The rise in dollar comes owing to the widening current account deficit and International Monetary Fund's (IMF) suggestion to the government to realign the rupee with market fundamentals to access funds.
Further, the State Bank of Pakistan is set to announce its monetary policy today and the market expects an increase in the interest rate which could be reflecting on the dollar rate. The current policy rate is 8.5%.
The latest devaluation of the rupee has taken the total
debt owed by Pakistan to Rs760 billion.
(MONEY BORROWED BY PML-N AND PEE PEE PEE GOVERNMENTS TO FILL UP PERSONAL BANK ACCOUNTS)
The rupee has depreciated by a massive 36% against the dollar over the past 12 months.
Further rupee devaluation in sight
The rupee could slump to as low as Rs150 against the US dollar in the coming weeks, Muhammad Sohail, an economic expert, told Geo Pakistan.
“There are slim chances of the dollar reducing by any significant amount. It is expected to hover between Rs140 and Rs150 in the coming weeks because the International Monetary Fund has signaled further devaluation in the rupee as one of its bailout conditions,” the analyst noted.
Pakistan is an import-oriented economy and hence, the effects of the devaluation will hit the public hard, he explained.
“Inflation will increase, and so will gas and petrol prices. Transport fares will also increase as a result. If the government provides some relief to the public by slashing taxes, that may help the common man.”
Sohail pointed out that the country is in need of stability, and the IMF loans may inject some confidence in the business community.
Farhan Bukhari, an economic analyst, said one of the reasons behind the currency drop is the government’s lack of focus on any one area.
“The government’s focus is spread out too wide. They are working on 34 initiatives. [Instead], they should place [greater] focus on economy,” he said.
'Will not control dollar artificially'
Later during the day,
Finance Minister Asad Umar said the central bank will not attempt to control the dollar price through artificial means.
"The State Bank of Pakistan is monitoring and determining the exchange rates.
In the past, the rupee was maintained artificially. [But not anymore], the State Bank is free to make its own decisions [on the matter]," said the finance minister while addressing the media in Islamabad.
He lamented that the artificial control on the exchange rates destroyed production in Pakistan. "The country cannot export wheat anymore because of this artificial control. Our textile and shoe-making industries were destroyed due to this."
Umar said that
the previous government took loans to maintain the exchange rates. "And this harmed our industries," the finance minister noted.
The minister admitted to the negative impact of the rupee devaluation, reiterating that the government did not wish to approach the International Monetary Fund.
Our exports have increased, so have the investments. Foreign investment has also improved and we will soon see more investments from different countries, he added.
Above is unedited version of the source, Usmani is trying really hard to spread miss information
So
@Champion_Usmani @Canuck786 @Jf Thunder you geniuses think that money borrowed by PML-N AND PEE PEE PEE governments for personal gains is PTI Fault?
