While everyone is fixated with Bitcoin right now, our very own Pakistani Rupee seems to be going in the opposite direction.
The Pakistani Rupee fell to a record low as the Central Bank continues to loosen its controls over the currency. According to Bloomberg, the Rupee has been the worst performing currency across the world since last Friday and suffered losses for the past three days.
The Rupee hit a four year low as the State Bank devalued it in a bid to boost economic growth. Keeping the nitty gritty of our economy aside, the people were obviously had a lot to say.
Naturally, several Pakistanis were worried about the state of our economy in view of the Pakistani Rupee becoming the lowest ranked currency
Some say Pakistan's central bank will let rupee walk on its own and take a few falls over the next few days
— Faseeh Mangi (@FaseehMangi) December 11, 2017
Always when something just happened so people have to push the wall …. nothing more
— Ali Wahab (@ali1wahab) December 11, 2017
Ruling party at war with institutions. Economy has nosedived. Stocks down. Rupee crashed. Inflation awaits. Foreign investment halted. Finance Minister an absconder. We are running out of water. US-Indo-Afg nexus at our borders. Dearth of leadership.
Pakistan needs a new Govt.
— Ashar Jawad (@AsharJawad) December 13, 2017
Devaluation of Rupee has added approximately more than 5 Billion $ in our debt. How much debt has already been added in last 5 years of Noon league is a separate story. Well done @pmln_org, @MaryamNSharif for this remarkable progress. "Ek wari fer Sher"
— X-2 ?? ™️ (@ISI4Pakistan) December 13, 2017
Currently, the government is in talks with the IMF and the Central Bank has decided to devalue the currency even further
The main idea here, being to boost exports in a bid to lower the trade deficit in the economy. Many being of the opinion that devaluation at this point is a necessity.
The rupee is falling in value because the IMF has Pakistan that this is necessary in order for its exports to be competitive — that's the only Pakistan's ever-widening trade deficit will come down — expect the rupee to fall to Rs120 to a dollar
— omar r quraishi (@omar_quraishi) December 13, 2017
Devaluation is a MUST because in the open ? market PK Rs is already 10% down. Government is trying to fool the ppl like always by telling lies. That MOFU Finance Minister Dar is responsible, he should be brought to ??Pakistan & hanged along with others.
— JB (@badnocs) December 9, 2017
The devaluation will really help us in exports. So like in footwear, we will instantly become far more competitive than Bangladesh, India and Myanmar etc.
— Abdul Moeed (@AbdulMoeed) December 10, 2017
A lot of people took this news as an opportunity to take shots at the Government
This is a long time in the making. External deficits have been rising for more than 2 years. Dar saab kept the rupee artificially stable, which is why the SBP bled reserves by nearly USD6bn in 24M to Nov. #Rupee #Darnomics #Pakistan #emergingmarkets @MiftahIsmail @Asad_Umar
— Tanwirovich (@tanwirovich) December 14, 2017
No, it's corruption of your family which is dragging down rupee and country!
Return Pakistan looted money and all should be fine!
— Ahsan Jalil (@_AhsanJalil) December 14, 2017
— Yasir Iqbal Khan (@YaSiR___kHaN) December 11, 2017
Renowned political personality, Asad Umar also joined in to criticize the government
This govt used to claim 3 things to prove that the economy was doing well. Rising stock market, increasing $ reserves & exchange rate stability. Stock index down more than 14,000 points, reserves down more than 6 billion $, rupee devalued 4% in two days (1/2)
— Asad Umar (@Asad_Umar) December 12, 2017
His comments kind’a backfired as many decided to blame PTI’s dharnas for the nation’s economic turmoil
Well something PTI should be proud of. They ensured that constant dhurnas and political instability jeopardize what ever gov was trying to achieve. Congrats
— Abdul Salam (@abdulsa1am) December 13, 2017
And how about ur party's
part in this instability
— khalid aslam (@ak69pk) December 12, 2017
This is only due to your Dharnas backed by the force (Umpire) , causing political turmoil.
— Anwar Chaudhry (@drmanwarch) December 14, 2017
What do you guys think about this news? Let us know in the comment section below.
Cover image via: dnanews.com