As the value of the Dollar has increased by Rs. 6.45, Pakistan’s currency is now the 2nd most worst currency in the world. This is causing many troubles for the Pakistani Government.
Pakistan’s Currency under Threat?
Pakistan’s currency expanded at 5.8 percent in the last fiscal year. But now unfortunately, the currency has been devalued four times since December. Interest rates are increasing three times. Because of this, Pakistan is under the loan of $11.4b which is a huge amount of money.
Pakistan can face external risks according to Profit as PKR has fallen by 15.26 percent.
Ehsan Malik, chief executive of the Pakistan Business Council said “Nobody thinks there is another option but to go to the IMF”. Whoever wins next week’s election in Pakistan will have to immediately find out a way to control this currency crisis. If we did not control it now, it will risk fast-growing economy.
According to some recent research, the auto-mobile and cement industry will experience a down fall. The price of materials and different commodities will rise as Pakistani rupee is facing devaluation. Let’s hope and pray for the economy of Pakistan.