State Bank buying dollars from Shops (Open Market) IMF has destroyed all the countries where they went socially and economically as well, as IMF is basically govern by four countries and its mandate is to invest and make money. So they are doing the same in Pakistan as well. Pakistan went to IMF for Bridge loan in order to repay it debts, in the negotiation it has been agreed upon on few mandatory conditions, according to that Pakistan will built 300 million Dollars reserves, and only then IMF will release loan amount. Here was the catch, as State Bank went for buying of Dollar from Open market, and we all know that Pakistani Economy does not have the depth of such huge some of dollars in open market, this demand supply gap triggered devaluation of Pakistani Rupee, and Pak Rupee regain certain value after the supplies of dollar from State Bank to ease pressure. If this scenario continue for few more days then People of Pakistan will lose trust and will rely on Dollar, this will lead to dollarisation as all the businessmen will convert there Bank accounts/cash/ into foreign currency accounts and if that happen then our economy will erode further rather briskly. In the current scenario, Government should make proper strategy instead of making rather hasty decisions, its time to rethink strategy for better future, else as things are going, we may find ourselves in the position where our Rupee will be much weaker and its purchasing power will be eroded quickly. Writer : Asif Irshad Shaikh
Posted on: Sat, 28 Sep 2013 19:53:06 +0000
Trending Topics
Recently Viewed Topics
© 2015