Only two months’ worth of imports are left in foreign exchange.
Pakistan’s foreign exchange reserves are depleting rapidly. The situation is that Pakistan has only two months’ worth of foreign exchange left with imports. Foreign exchange reserves with Pakistan’s central bank have come down to $10.3 billion. In such a situation, it is now being said that the condition of Pakistan can also be like Sri Lanka and it can also default in repaying its loan. To save its foreign exchange reserves from depleting, recently, Pakistan has banned the import of about 38 items including phones, shampoos, pasta, cars, phones, dry fruits, meat, fruits, furniture, household appliances, weapons, makeup, cigarettes. has also been installed.
Rupee crosses 200 against dollar
The pressure on the Pakistani rupee is increasing rapidly. The situation is such that now the value of one dollar has reached 200 Pakistani rupees. That is, simply put, the Pakistani rupee is becoming increasingly weak against the dollar. Subsidies are being given on oil and electricity in Pakistan and experts believe that unless it is abolished, the rupee will continue to fall. One way to stop its decline can be that the International Monetary Fund (IMF) releases an aid of $ 1 billion. Pakistani officials are also talking to the IMF regarding this.
Inflation at its peak in Pakistan
At present the condition of Pakistan is very bad. There is no petrol at petrol pumps, there is no cash in ATMs and common man is getting upset. Inflation in Pakistan has reached a two-year high till April, reaching 13.4 percent. In such a situation, the Pakistani central bank recently raised interest rates by 150 basis points to 13.75 percent so that inflation could be controlled.
Your home car EMI becomes expensive, RBI hikes repo rate
Source: navbharattimes.indiatimes.com
: Language Inputs
This post is sourced from newspapers, magazines and third-party websites. For more information please check NewsDay Express Disclaimer.