ISLAMABAD: Sept. 4: US dollar is continuing to thrash the rupee as its value soared to Rs 306 and Rs 229 in interbank and open market respectively on Monday.
This is the highest ever value of US dollar in the local currency market. US dollar is appreciating for the last around one month or so without any break which indicates fast eroding of value of the local currency.
Pakistan is in severe financial crisis and there seems no end to it as those on the helm of affairs are not grappling with the alarming situation for some obvious reasons. Pakistan’s economic crisis is like a falling down of a big piece of mountain and Pakistani nation is helplessly waiting for this onus to happen.
Unfortunately the caretaker setup led by prime minister, Anwaarul Haq Kakar, seems total in disbelieve that it has been picked-up as a caretaker government and has among others a responsibility to shore up Pakistan economically devastated country. The caretakers, rather than taking any decision to stop the national economy from further bleeding, are just sitting and waiting for some heavenly force to come and save Pakistan from a complete collapse.
Pakistan is worse victim of wrong policies. For decades, its ruling elite and sacred cows were plundering its resources and laundering ill-gotton money abroad to buy counties and setup businesses like buying piazas’ franchises and others.
This country is also looted by the property tycoons without any fear. Rather, the property tycoons made those who were supposed to protect interest of the state a party to their plunder for petty bungalows and villas in Dubai, UK and other countries. UK is, particularly, a heaven for plunderers of Pakistan. Almost every property tycoon, bureaucrat, politician, general and judge made money at the cost of Pakistan. The process of plundering Pakistan got a big boost when the military generals, particularly, top generals became a party to the plunder of Pakistan.
Meanwhile, the corrupt ruling elite of Pakistan opted for easy money through costly foreign loans. Today Pakistan loans have reached close to 80 % of its GDP. This is alarming level of debt for any country.
In the last two tenures of Pakistan ;People Party (PPP) and Pakistan Muslim League Nawaz (PMLN) loaded Pakistan with foreign debt. Imran Khan’s tenure gave a new dimension to Pakistan’s economic crisis by creating the local banks like a new mafia. Pakistan Tehreek e Insaf (PTI) jacked up interest rates to alarmingly high to pass on undue benefit of hundreds of billions to the local banks. This curse has now turned into a banking mafia. Even today the banks mafia is thriving at the cost of Pakistan’s economic sovereignty. High interest rates is proving a big window to keep getting hundreds of billions in the case of each bank just by lending their money to the government which is only one client of the banking mafia.
The role of State Bank of Pakistan (SBP) is like a facilitator to the banking mafia. SBP is continuously increasing interest rates to keep passing on the banking mafia a window to make undue profit on their investment. Its officials gave high inflation a logic to push up interest rates. Its obvious that the private sector can not afford to borrow money when accumulative interest rate goes around 30 percent.
Today Pakistan stand totally devastated economically . Every Pakistani is worried about its future except those who have got huge protocol and privileges to enjoy. The only looser of this dirty game are the people who are forced to commit suicides for failing in paying electricity bills of just one month.