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Here Is How Social Media Reacted To Pakistani Rupee Becoming The Lowest Ranked Currency In The World

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12:33 pm 19 Dec, 2017

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After Pakistan’s central bank, The State Bank of Pakistan (SBP) withdrew support for its currency against the USD last week, the value of Pakistani Rupee (PKR) has dropped to an all time low. The biggest concerns as a result of the devaluation are country’s trade deficit and scanty foreign reserves.

Though the country’s exports have grown and foreign direct investment is also at an all-time high, the high growth of imports has put the position of Pakistan’s current account in danger and has depleted foreign exchange reserves of their central bank.

Pakistan Rupee. News24

Meanwhile, the SBP holds that letting the market determine the exchange rate of PKR is a way to curb the external account imbalance. Media air has it that their finance minister Ishaq Dar intended to “fix” the value of rupee in this manner. What has come as equally surprising, or rather shocking, is the fact that Dar, who is facing corruption charges and arrest in Pakistan has been reportedly granted a three-month medical leave by Prime Minister Abbasi. It is held that presently, Dar is hospitalized in London for some heart-related ailment.

Ishaq Dar, Finance Minister of Pakistan. DailyPakistan

But is the foreign exchange market indicating a completely different possible outcome? As per a report by Bloomberg, earlier this month, Pakistani Rupee was the worst performing currency when its central bank had allowed it to decline.

State Bank of Pakistan. TheBanker

While Pakistan now depends upon IMF for rescuing its currency and a corrective action, IMF has reportedly said that the recent initiative by the State Bank of Pakistan (SBP) to allow adjustment of the exchange rate is “welcome, and continued exchange rate flexibility will be important in the period ahead”.

PKR has hit a four year low. Dawn

It is obvious that when the PKR hit a four year low, social media had a lot to say about it. Here are some of the most interesting social media reactions on the feeble state of Pakistan’s currency:

Not sparing a chance to fulminate against the government:

 

 

 

 

 

 

 

 

 

 


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Worried about the state of the economy:

 

 

 

 

 

 

 

 

 

 

 

 

 

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