Economy

The Imran Khan regime’s currency has the world’s worst performance: report

The Pakistani rupee became the world’s worst-performing currency under Imran Khan’s reign, dealing a severe blow to his government.

The Pakistani rupee became the world’s worst-performing currency under Imran Khan’s reign, dealing a severe blow to his government. The value of Pakistani currency has fallen about 12 percent since January, according to a report in the English daily Dawn. The report also revealed that the value of the currency has dropped about 17% since it peaked at 152.50 to the dollar in mid-May. According to a Pakistani news outlet, if the government does not take necessary action within a specified time frame, the country will have to rely on the International Monetary Fund (IMF) to help stabilise the economy.

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Furthermore, according to the media source, the State Bank of Pakistan has tried a slew of initiatives to stabilise the rupee, but none of them have yielded results for the Imran Khan administration. Furthermore, the Federal Investigation Agency (FIA) is continually cracking down on hoarders and smugglers to limit the flow of American banknotes and reduce demand, according to the article. The dollar’s flight continues despite many steps taken. The Pakistani currency has declined 30.5 percent since Prime Minister Imran Khan took office in Islamabad, from Rs 123 in August 2018 to Rs 177 in December 2021. According to The News International, the depreciation of the Pakistani currency is one of the most significant in the country’s history.

Pakistani rupee has become the world's worst-performing currency,
Pakistani rupee has become the world’s worst-performing currency,

Pakistan is bankrupt; it is best to accept reality,’ says the country’s former Revenue Board Chairman.

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Former chairman of Pakistan’s Federal Board of Revenue Shabbar Zaidi revealed the country’s current state on December 16, admitting that the country is insolvent and urging Pakistanis to embrace reality. “It is preferable to recognise the reality than to live in an illusion,” Zaidi remarked at a seminar at Hamdard University in Karachi, referring to Pakistan’s current circumstances. From May 10, 2019, to January 6, 2020, Zaidi served as head of the apex tax authority, making the country and the rest of the world aware of the current predicament. During his remarks, Zaidi stated that he has not completely comprehended the China-Pakistan Economic Corridor (CPEC) initiative and requested openness in the much-publicized project.

“They say we’ve had a lot of success and that we’ve introduced tabdeeli (change), but that’s not true. According to Zaidi, the country is currently bankrupt and not a going concern.

“It is preferable if you first decide that we have reached bankruptcy and that we must move on, rather than stating that everything is fine and that I will do this and that. “All of this is done to fool the masses,” Zaidi continued.

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