Former Chairman of the FBR, Shabbar Zaidi, has stated that if stringent measures continue, the exchange rate may drop below 250 rupees to the dollar in December or January.
He attributed the improved value of the rupee to the actions of the caretaker government. Speaking in an ARY News program, he mentioned that he had been warning about economic issues for a long time and that 90 million people out of 240 million have fallen below the poverty line.
There is a belief that a figure will return, and the individual behind it will rectify everything. Their 18-month government submerged the economy. Politicians are 99% responsible for bringing the country to this state.
He mentioned that the caretaker government took strict actions against exchange companies and Afghan transit trade, which benefited the economy. Due to the government’s actions, the value of the rupee is improving, and if these actions continue, the exchange rate may drop below 250 rupees to the dollar in December or January.
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If the government gets its hands on $240 million again, there will be improvement. On the other hand, according to media reports, the State Bank’s statistics on government borrowing revealed that the government borrowed Rs. 2.218 trillion in August 2023, taking its total domestic debt to Rs. 14.394 trillion in one year.
The government’s debt has increased by 29% in one year, and the volume of domestic loans has increased to Rs. 3.9792 trillion, up 24%. External debt has increased by 39% to reach Rs. 2.4175 trillion. The government’s foreign debt has increased by 38.8% in one year, and as of August 2023, the government’s total debt is Rs. 6.3966 trillion.
