Will Rupee Devalue Further? Economic roller coaster

[mgalaxy3]

Simply pathetic.

[heterodoxdesi]

Such a pig these SBP people are. just for the sake of USD 1 bn they have ruined thousands of already poor people.

[uzeemujeeb]

The stupid Governer State Bank tout of World bank does not know that few hundred thousand expats does not suffer the wrath of utility bill increment. Expat does not suffer the rising cost of surviving in Pakistan. The damn stupid Baqar Raza shall be immediately sacked by the Govt of Pakistan. Only if they have muscle, control and authority over State Bank of Pakistan, anymore.

received from friend very interesting video clip from fb

https://www.facebook.com/24NewsHD.tv/videos/873040016728261/?extid=WA-UNK-UNK-UNK-AN_GK0T-GK1C

[mgalaxy3]

The damn stupid Baqar Raza shall be immediately sacked by the Govt of Pakistan

you say as if that'll solve anything. Its the govt policies hes implementing.

[capsat]

Its the govt policies hes implementing

Policies are shoved up by IMF & WB.
Only delivering Faces are local, without any worries for issues with people like you & me.

[krafiq]

Alternative view. People will panic buy imported stuff while they still can before the inflation reduces rupee purchasing power.
You buy any imported stuff in Pakistan which is a consumer durable item, it turns out to be the best investment ever made.
I would go on a shopping spree and stock up and future proof

[Hassan1991]

Apologies for re-editing.

[awais924]

[uzeemujeeb]

while everyone is crying for currency depreciation there is serious issues / conditions slapped by IMF / WB

IMF seeks deposits of Rs2,900 bn in Treasury Single Account

ISLAMABAD: The International Monetary Fund (IMF) has expressed serious concerns over Islamabad’s inability to close down accounts of federal and provincial governments into private commercial banks with whopping deposits of Rs2,900 billion under the Treasury Single Account (TSA-1). The IMF has indicated to bring attached autonomous bodies and entities, including belonging to the Ministry of Defense and Armed Forces, as part of the structural benchmark of $6 billion Extended Fund Facility (EFF).
https://www.thenews.com.pk/print/902912-imf-seeks-deposits-of-rs2-900-bn-in-treasury-single-account

[muhammad-noman]

Today open market USD selling @ 176 - 176.5

[Massive_One]

so I understand when govt. says that the price increment in fuel and other commodities is a global phenomenon,
but what i fail to understand is what's the benefit of the govt. if they cannot even manage where to increase price and where to give subsidy and keep the prices decreased ... i mean what other use the govt. is of if it cannot manage or make such decisions?

global fuel prices have crossed this benchmark before but petrol prices in Pak were way lower than this at that time because of subsidy given on fuel to keep the prices controlled... but i am not sure how this govt. works or plans things...

so, is it safe now to say that those "kaam k chor" were better than these "emandar nikammay" ??

[abacus]

They are just nakamay, Incompetency is worst form of corruption because it collapse the system. An egoistic councillor level person with 0 experience of running anything in his life is the head of all crooks from previous govts. Imagine the disaster, preaching is easy, delivery is hard.

[HellsGuardian]

I heard there is a cartel among us, may be they can lend us one of their financial planner for some time?
@capsat @Xulfiqar

[capsat]

in post #700 the link has data.

all 3 lending Giants have raised serious issues about 'undocumented economy'.
The sitting Govt never had any policy. There only objective was 'Venegance'

I doubt if i vote again for PTI, rather i will make sure that if & when the new elections are announced the nominee of our constituency is grilled at every corner and treated with cactus stick.

[Xulfiqar]

This would work when a country has some footing. Currently the roofs above your head have been assigned as collateral to loan sharks.

This govt or the ones previous to it, could not and cannot do diddly squat.

[Nabs]

Remittance cleared at 175.1 today

[khurem]

global fuel prices have crossed this benchmark before but petrol prices in Pak were way lower than this at that time because of subsidy given on fuel to keep the prices controlled..

No, subsidy was never the reason why local prices here were lower. It was simply due to a low USD to PKR exchange rate. Oil prices peaked in 2008 when it went up to $140, before their crash to $43 after sub prime crises. At that time dollar rate was just 1USd = 63-65 PKR. PKR has depreciated by 300% since then. No subsidy was given on petrol at that time, instead a higher petroleum development levy and taxes were imposed which is now at lower level. The main issue right now which Govt must control is currency depreciation otherwise local prices will keep on increasing even if international oil prices are unchanged.

[Nabs]

Currency deprecation can't be controlled without controlling trade deficit:

"Pakistan’s trade deficit - the gap between imports and exports - increased to $7.5 billion during July-August period of fiscal year 2021-22, the national data collecting agency stated. The deficit was $4.1 billion or 120% more than the comparative period of the previous fiscal year." ~ Tribune

A major chunk of foreign exchange goes to purchasing oil (23% of all imports). If oil prices keep rising in international market, trade deficit will widen and rupee will depreciate faster.

[Massive_One]

indeed !

[HellsGuardian]

Rupee has gained some value most likely due to Saudi Arabia's announcement of $3b support.