Pakistani rupee depreciated 30.5% under Imran Khan government (report)

The value of the Pakistani rupee against the US dollar fell 30.5% during Imran Khan’s rule in office, local media reported.

This makes it one of the strongest currency devaluations in the country’s history.

The rupee experienced a massive depreciation from Rs 123 against the US dollar in August 2018 to Rs 177 against the US dollar in December 2021, a decline of 30.5% in the past 40 months, reported The News International . The Pakistani publication added that the only other higher devaluation occurred when Dhaka fell and the Pakistani currency was devalued by 58% from Rs 4.60 to Rs 11.10 against the US dollar in 1971. -72.

This recent currency devaluation was dictated by the IMF through prior actions, independent economists said, stressing that it has nothing to do with macroeconomic fundamentals.

There has been a complete collapse in economic policymaking as Pakistan’s fiscal policy has become subordinate to monetary and exchange rate policies, former economic adviser Dr Ashfaque Hassan Khan said.

Noting that monetary tightening and the depreciation of the exchange rate have led to an increase in inflation, public debt and debt service, he pointed out that empirical evidence showed that the 1% monetary tightening had increased the inflationary pressure of 1.3% in the case of Pakistan.

The Pakistani currency has suffered a massive depreciation against the US dollar against other regional currencies like the Indian rupee and the Bangladeshi taka.

Some studies by economists suggest that inflation rises to 11.5% on a monthly basis, nearly 2% comes from the depreciation of the exchange rate, according to The News International.

(With entries from ANI)

Disclaimer: This article was posted automatically from an agency feed without any text changes and has not been reviewed by an editor

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