: Times are not going well for Pakistan. Not only that, Sharif’s country is facing multiple crises as the days go by. Already, the price of daily necessities in that country is increasing. Even the price of food items has spread to the common people. Added to that is the power shortage. The situation has become so critical that to deal with the situation, strict restrictions have been imposed on the use of electricity in malls, business establishments and various offices in addition to weddings.
It is precisely in this situation that the foreign exchange reserves in Pakistan are gradually decreasing. However, this time another new precedent has been created in that country. It is known that the price of the Pakistani rupee has fallen significantly compared to the dollar. According to statistics, last Wednesday, 1 dollar was worth 230 Pakistani rupees in Pakistan. However, after just 24 hours that price has dropped to 255 Pakistani rupees.
Due to which now 4 dollars will not match 1000 Pakistani rupees. In such a situation, the price of food products has also become increasingly upward due to the country’s foreign exchange rate falling to the bottom. Not only that, as the amount of exports has also decreased a lot, we have to depend on imports. And then the major obstacle is the foreign exchange reserves.
Currently, somewhere in Pakistan, the price of a bag of flour has reached 3 thousand taka. However, even at that price, it is common people who are trampled to collect flour. However, in the meantime, the Reserve Bank of Pakistan has decided to increase the interest rate again. According to statistics, that rate has reached its highest point in the last 24 years. Meanwhile, Shahbaz Sharif is blaming former Prime Minister Imran Khan for the severe economic crisis in the country. However, despite pointing the finger at Imran, Sharif is unable to get out of this situation.
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Why Pakistani Rupee Depreciated: Let us inform in this context that IMF is already giving 6 billion dollar bail out package to Pakistan. In this situation, Prime Minister Sharif accepted the strict conditions given by the IMF to get the bail out. And after that announcement such a fall in the price of rupee has been observed. Basically, the IMF stipulated that Pakistan would not have any control over the value of the rupee. That is, it should be left in the hands of the market. However, it is believed that the condition of Pakistan will improve somewhat if the money is received from the IMF.