Monday, January 17, 2022
News

Pak currency continues to fall against USD under Imran Khan govt

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Islamabad | December 8, 2021 4:50:06 AM IST
The Pakistani rupee has depreciated 30.5 per cent against the US dollar in the last three years and four months under the current government of Pakistan Prime Minister Imran Khan.

According to The News International, the value of Pakistani rupee has fallen from Rs 123 against the USD in August 2018 to Rs 177 against the USD in December 2021, a decline of 30.5 per cent over the last 40 months. This makes it one of the highest devaluations of the currency in the country's history.

Notably, the only other higher devaluation occurred following the falling of Dhaka and Pakistan's currency was devalued by 58 per cent from Rs 4.60 to Rs 11.10 against the USD in 1971-72.

Former economic adviser Dr Ashfaque Hassan Khan said that there was a complete breakdown of economic policymaking as the country's fiscal policy had become subservient to monetary and exchange rate policies. He further said that the monetary tightening and exchange rate depreciation resulted in higher inflation, public debt and debt servicing, The News International reported.

The empirical evidence showed that the one per cent monetary tightening hiked the inflationary pressure by 1.3 per cent in the case of Pakistan.

Experts opine that the massive devaluation of currency under the Imran Khan government fueled inflationary pressures. They believe that the depreciation of the exchange rate by 30.5 per cent led to higher inflation, the report said. (ANI)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE WORLD NEWS
Somali govt spokesman injured in suicide...
Texas synagogue hostage-taking incident ...
95 pc Afghan journalists unable to acces...
Migrant caravan leaves Honduras en route...
Texas Synagogue hostage suspect dead, co...
38 killed, several injured in Afghanista...
More...
 
INDIA WORLD ASIA
UP Assembly polls: BJP meeting to discus...
Ahead of Assembly polls, Harak Singh Raw...
UP Assembly Polls: Former BJP Minister D...
Telangana CM to hold cabinet meeting on ...
Madurai roads, markets deserted amid COV...
Retired NRI, 'Dabangg' neighbour Salman ...
More...    
 
 Top Stories
95 pc Afghan journalists unable to ... 
CAIT urges Centre to exempt GST reg... 
'Stuff of dreams': Cummins after Au... 
ODI series win against India would ... 
Somali govt spokesman injured in su... 
SA batters showed guts and determin... 
Delhi weekend curfew: Over 1,300 bo... 
UP Assembly polls: BJP meeting to d...