ISLAMABAD:August 29,2023: Pakistan’s economic crisis seems far from over as the increase in US dollar’s value is adding to the on-going multifaceted uncertainty in the country. It’s not the currency market only which is in the shock due to unbridled surge in US dollar value. Rather , it has changed the entire spectrum of the society for the worst.
The free fall of the rupee is haunting every citizen of Pakistan as the price of each and every thing inclusive of food products , vegetables , clothes , industrial products fluctuates with the dollar. Now when US dollar is on the rampage against the rupee there are apprehensions that downslide of the rupee may cause irreparable loss to the country.
The rupee is sinking like a titanic on the daily basis and it has created a culture of buying and hoarding of US dollar among the general public. The approach of buying foreign currencies used to be limited to a wealthy segment of the society, but now even those who have small money prefer to buy gold and foreign currencies, in particular, US dollar to mint money. This culture has hurt Pakistan and expedited the process of its financial meltdown .
The level of the financial crisis of Pakistan could be guaged for the data being released by the currency dealers’ association on daily basis for media consumption. According to the currency dealers” report on currency rates , US dollar appreciates by around Rs 15 in interbank and Rs 30 in the open market in the last 29 days of the current month. With more quick downfall of the rupee there are apprehensions of even deepening of the Pakistan’s financial crisis .
God forbid the financial crisis can lead to serious consequences for Pakistan. On one hand, the people of Pakistan are wailing over inflated power bills delivered to them for July and on the other they are prone to killing price-hike.
The ruling elite is the only segment of the society which may not be directly affected by the inflated power bills as they have piled -up money through all means . When this correspondent says all means it means including corruption and windfall profit on investments. Who is the loser of this dirty money minting game? . Its reply is simple as two plus two. The only that segment of the society which tried to live on their rightful source of income and low income group of the society.
Today these two segments of the Pakistani society are living in hell like situation. Majority of the Pakistani people who fall in this bracket of society are not getting a meal a day. They do not have money to pay hefty power bills.
Unfortunately , now when the pro poor segment of the society is committing suicide after failing in paying inflated power bills , the caretaker government is calling shots in the dark to find some ways and means to give relief to them in power bills of July and cool them to call off violent protest. God knows where things will end up if the ruling elite remains indifferent to the alarming situation emerged out of the financial crisis of Pakistan.