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Imran Khan’s 100 days achievement, Pakistan currency falls all time low, reaches 144 against dollar!

The Pakistan currency took a massive hit on Friday and fell to 144 against dollar making things worse for Pakistan. The Pakistan PM who had promised new investment in the country has now faced a massive jolt.

“There is panic in the market and buying spree is going on but it will be addressed,” an official of State Bank of Pakistan told PTI.It is believed that the devaluation was linked with the government’s talks with the International Monetary Fund (IMF) to secure loan.

It is aid that the Pakistan had requested the IMF for a bailout package which was not well received by the IMF. The negotiations between Pakistan and IMF did not go well as the international lender sought complete disclosure of Chinese financial support and hiking of energy prices and levying more taxes. Zaffar Paracha, General Secretary of the Exchange Companies Association of Pakistan (ECAP), said that the devaluation was expected before any agreement with the IMF. It seems a continuation of the IMF’s condition for a bailout package,” he said . Pracha demanded the government to announce the devaluation properly as to end the panic among the currency investors.
The biggest setback for Imran Khan is that the devaluation occurred just a day after his government was boasting about the 100 day achievement of him. Pakistan which is already struggling without a proper leader who can tackle terror menace has now faced a bigger jolt.
While terrorists like Hafiz Saeed is openly declaring to be the next Prime Minister of the country, Pakistan is getting isolated in the global platform for its association with terror agencies.
But the government which is embarrassed with the development, is trying to come up with many excuses to save themselves.

Financial analyst, Zubair Saleem said the sudden devaluation of the local currency is not a good sign for coming days for the business community particularly the importers.

“This is going to increase the import bill of the country and we might witness further devaluation of the rupee to the US dollar,” he cautioned.
It was the second devaluation since the current government came to power in August.  On October 9, dollar had gained Rs 11.70 as panic gripped the market but finally it settled at around Rs 134.

Not to forget, Pakistan business was badly hit when Narendra Modi announced the demonetization in India. This was because of the massive illegal business and black money hoarding which was involved in the market. The other main reason is also the fake note mafia which is rampant in Pakistan.
The country Pakistan is definitely going from bad to worst under the incapable leadership.

 


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