High flight of dollar in Pakistan to top ₹300 this fiscal year
Syed Ali Hassan
Iran Daily’s correspondent
in Pakistan
The worsening economic situation of Pakistan is not being managed that has have affected the national currency devaluation for two years.
According to the latest estimates of the International Monetary Fund (IMF), the exchange rate of the dollar during Pakistan’s current fiscal year may be as high as 305 rupees, which is much higher than the rate used in the current budget of Pakistan. According to the sources, the latest estimate of IMF is lower than the rate of State Bank of Pakistan. State Bank is working at the rate of 308 rupees to the dollar.
Basic estimates are used to estimate the current account deficit. However, the federal government has made the current budget at an exchange rate of 290 rupees to the dollar. If the dollar exceeds 300 rupees during the fiscal year, the impact will be evident on the defense budget, foreign debt repayments.
According to the interim data of the Ministry of Economic Affairs, during the last fiscal year 2022-23, Pakistan received 10 billion 800 million dollars in external debt, while the government of Pakistan estimated the receipt of external debt of 22 billion 600 million dollars during the last financial year, that is, during the last financial year, Pakistan received 11 billion 800 million dollars or 53% less external debt.
All the economists of Pakistan agree that the country needs a stable government and until this happens there will be no economic stability and the value of the rupee cannot remain
stable.