Will Rupee Devalue Further? Economic roller coaster

[Nabs]

181.3 and rising.

[HellsGuardian]

LKR lost ~ 25% of its value in a single day. This should be an eye opener for Pakistan.
But I guess as long as we are able buy halwa puri and a glass of lassi then all is good.

[khurem]

Srilankan Rupee is now close to 300/USD. A remarkable turn of fate as just during last 30 days, the currency has depreciated from 200 level to 300. That's all due to bulging debt levels, shrinking reserves and lack of funding.

Our dollar parity is now touching 185/USD. Really hope we don't have to face the miserable situation experienced by Srilankan people. Currently our reserves levels are fine, although depleting fast. With the way this 'foreign conspiracy' blame game is going just for short term domestic political gains, I hope our lenders don't pull out funding or else we can also come to brink of bankruptcy just like Sri Lanka. A lot of damage in international relations has already been done and unfortunately, as always, the price will have to be paid by common man in the form of rampant inflation as a result of currency devaluations.

[kaashiif]

But who cares here? Everyone is supporting their political sides and no one is thinking of country. Unfortunately expect a slide in currency with yesterday's event happening in the country alongside conspiracy blame game and there is already a bill moved into US congress https://www.congress.gov/bill/117th-congress/house-bill/6993?r=7&s=1 to put sanctions on Pakistan.

[VCheng]

What seems to be the problem here? Everything is going according to plan and there is no need to worry.

[Xulfiqar]

Everyone is supporting their political sides and no one is thinking of country.

The problem is that the politicians you see crying and whining and teaming up know that there is no country called Pakistan, its a piggy bank with holes under it. They will shake out the last coin and rob the shirts off the common man's back to wipe their noses.

Then leave - while the common man again would be chanting their names like they are some demigods or titans and would be content with sasti aaloo piyaaz and smuggling ka maal to keep them full.

[VCheng]

The problem is that the politicians you see crying and whining and teaming up know that there is no country called Pakistan, its a piggy bank with holes under it. They will shake out the last coin and rob the shirts off the common man's back to wipe their noses.

And it is not just the politicians who have that mindset. Hence, the problems are many and grave.

[VCheng]

as always, the price will have to be paid by common man in the form of rampant inflation as a result of currency devaluations.

Nobody cares about the "common man". No one.

[abdulmoueedharoon]

I have been following this forum for some years now and time spent reading comments here have proved to be beneficial for me and all the bullshit over TV, social media, politics hasnt made a positive difference to me.

Keeping this in view, i would request senior members to try to educate and enlighten the junior followers like me in understanding finances more and more so that our glasses of ignorance are removed forever.

There is no financial sense among common coutrymen. Sood/Interest is a big hurdle in opening the minds to invest.

Srilanka's condition and previously zimbabwe, venuzuela, iran, argentina's plight in infront of us ...

It very stressing to decide what to do??

[abdulmoueedharoon]

Learned a great deal from hour long videos on youtube on money systems and fiats

[khurem]

Agreed. It's all power politics going on - no one likes to let go of power. Casualty as always will be the people, most of whom will continue to worship their demigods, as Xulfiqar above has aptly pointed out.

[Moderator]

Chinese Dragon is crawling in Indian Ocean read the Misery of Sri Lanka 3 years ago and how they reached a point in 2022. Civil war like situation out there

LOANS of CPEC with open eyes and mind are more or less based over same terms. it is Pakistan RWP - GHQ which stand Guarantee for CPEC not the civilians (aka civilian govt)

183.9 is interbank mentioned over this website

[muhammadadeel96]

Crossed 185 interbank...Open market 186.5.. Open market black (without biometric) : 192 .
Looks like it will will reach 200 by May

[VCheng]

It very stressing to decide what to do?

Actually, the choices about what to do are starkly simple:

A. Pay the price to tolerate the situation as best as possible.
B. Become part of the system and enjoy its benefits.
C. Sink lower and lower into oblivion.
D. Leave the country.

Every person needs to make one of the above choices whatever suits their circumstances, abilities and situation the best.

[abdulmoueedharoon]

I had my earnings in current accounts previously as i was brainwashed like everyone else about "Sood Sahab". Then a little financial understanding and i kept all my savings in NSC Behbood Saving Certificates which offer the max interest/ valye retention in terms of fixed deposits/ saving accounts in Pak in PKR.
Now, PKR is on runway to fly like Srilankan currency, USD+Yen seems the best option. Which bank offers the best Foreign Currency Account options? Or what do you personally use?
Is there any other better way? Someone please suggest solution.

[salmanshah1]

China also have a history to acquire land of another countries if loan is not returned i.e hambantoto port of Sri Lanka gone to China. And I am worried about gawader port. Whereas western loans Imf etc don't do such activities.

[crema]

China also have a history to acquire land of another countries if loan is not returned i.e hambantoto port of Sri Lanka gone to China. And I am worried about gawader port. Whereas western loans Imf etc don't do such activities.

As nation,
We go deaf, dumb and blind when we see the glitter of money.

[hasankhurshid29]

had my earnings in current accounts previously as i was brainwashed like everyone else about "Sood Sahab"

I think you don't know about the islamic ruling on Interest. We are not brainwashed.
If someone need saving accounts he should open it in islamic bank like meezan to avoid interest

[VCheng]

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Please note that no religious discussion will be allowed. Just a friendly reminder for all.

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[crema]

A bank account opening discussion is considered a religious talk?

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