Karachi: Pakistan Rupee Continues to Depreciate Against US Dollar It was the 9th meeting in a row on Wednesday on Wednesday. amid the deteriorating economic situation and floods across the country
Local units fell 2.40 rupees to close at 234.32 rupees in the interbank market. Its value is down from the previous close of 231.92 rupees against the dollar. According to the Bank of Pakistan report
In addition to the floods that eclipsed the revival of the International Monetary Fund (IMF) revival program, the country has suffered political instability, which has forced investors to take a stand.
Political instability has continued in Pakistan since the overthrow of Imran’s government. khan in april Even though many months have passed Investors still have doubts about the policies of the incumbent government.
Pakistan Exchange Company (ECAP) Secretary General Zafar Paracha said. Geo.tv It is essential for all stakeholders to sit at the Pakistani discussion and resolution table.
ECAP officials said it was expected that once the International Monetary Fund (IMF) loan came in, the rupee would appreciate against the dollar. And accordingly, 2 rupees appreciate.
But he noted that the devastation has continued since then – with small gains – despite being paid by lenders around the world. But the country does not receive money from multilateral and bilateral organizations.
Paracha added that Asian Development Bank (ADB), World Bank (WB) and friendly countries such as Saudi Arabia The United Arab Emirates and Qatar remain reluctant to lend and invest in Pakistan.
“The main reason behind this: political instability,” Paracha said, noting that on the day the IMF executive committee was about to approve the grant to Pakistan, the PTI government in Punjab and KP had announced They will not comply with the requirements of the IMF .
“The negative consequences arise from this. The PTI governs a large group of countries and is important. […] But now we need political stability. And the government doesn’t have a clear vision,” he groaned.
Paracha said that even in the government But all parties still behave in opposition. “Nobody takes action to provide relief to people and no one is willing to revive the economy. Everyone is playing a blame game.”
In addition to criticizing the government agency, Paracha also praised the Bank of Pakistan (SBP), saying the institution has played an effective role through its policies. at a time
Following the impact of the floods, Paracha said government officials estimated it to be around $30 billion. But he feared that it would be worth around $50 billion.
“The loss is enormous. But we don’t have enough donations to overcome the gap,” he said.
Flooding with unprecedented monsoon rains and melting glaciers in northern mountains It affects 33 million people and kills nearly 1,400, clearing homes, roads, railroads, livestock and crops.
The government also decided to import goods from Iran and Afghanistan. which in turn This put pressure on the rupee, he said.