KARACHI: So far since the commencement of the current fiscal year rupee has lost over 21% of its value to the dollar that is presently available for Rs. 153 in the open market.
In the interbank market, the value of the dollar touched Rs. 152 yesterday (Monday 20th of May, 2019).
It is the common man who has directly been affected due to the devaluation of the rupee. During Ramazan traditionally the rates of edibles increase, but with the augmentation of the value of the dollar against rupee, everything has become costlier.
Savants believe that the genius of the leader and government is reflected by handling the economy in such a way that the poor masses are benefited or at least remain intact. But presently it seems that the rich (who hoards ill-gotten money abroad) are becoming richer at the cost of those who are already suffering from the agony of being.
Cynics go haywire wondering what happened to the PTI’s pre-polls-promises regarding bringing back the money that has been siphoned abroad by corrupts.
Pakistan’s economic condition has improved: Dr Reza Baqir
ISLAMABAD: State Bank of Pakistan Governor Dr Reza Baqir, while addressing a press conference here, has said that Pakistan’s economic condition was improving due to the positive policies taken by the government.
“Our external deficit and fiscal deficit are being addressed according to our economic plan,” he said, adding the government was striving hard to bring economic stability in the country.
He said that the government was taking measures to restore people’s confidence in the economy and added that Pakistan’s economic future was bright. In the past, government had been interfering in the exchange rate system, he added.
The SBP governor said that the burden of external debt payments reduced due to the devaluation of rupee. He said that exchange rate policy was the part of reform process. Baqir said that the government was not taking loan from SBP during the current fiscal year.
Earlier on June 14, good economic policies ensured a strong national economy, Prime Minister’s Adviser on Finance Abdul Hafeez Shaikh had said.
The adviser was addressing a gathering of the Council of Foreign Relations in Karachi. The governments in the past failed to devise the policies for lasting economic development, the finance adviser had said.
Nahakki Tunnel opened for traffic
ISLAMABAD: The 745-meter-long Nahakki Tunnel has been completed in Mohmand Agency.
The tunnel has been opened for all kinds of traffic as well. Locals talking to a private news channel said after the construction of the tunnel, traveling of five hours has been reduced to merely 2.5 hours.
People said they were happy with this infrastructure as it would facilitate them in traveling and save time.
Turkey hits out at Moody’s after credit rating cut
ANKARA: Turkey on Saturday lambasted Moody’s ratings agency after it cut Ankara’s credit rating further into junk territory, saying the downgrade raised concerns over the institution’s “objectivity and impartiality”.
The agency downgraded the long-term debt rating to B1 from Ba3 and said it maintained the negative outlook for Turkey, in a statement late Friday.
Although the country had a “large, diverse economy” and government debt was low, Moody’s said this was outweighed increasingly by “continued erosion in institutional strength and policy effectiveness on investor confidence”.
But the Turkish treasury and finance ministry said the move was “incompatible with the Turkish economy’s fundamental indicators”.
“As a result, this raises questions over the objectivity and impartiality of the body’s analyses,” the ministry added in a statement.
It pointed to rising tourism revenues, falling inflation, and a new judicial reform package as examples of “very positive developments that we sadly see are being ignored”.
The Turkish economy entered into recession for the first time in a decade last year following a currency crisis in the summer amid tensions with the United States.
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