PM summons meeting to deliberate continuous appreciation of dollar

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ISLAMABAD: Prime Minister Shehbaz Sharif took note of the steady rise in the value of the dollar.

Prime Minister Shehbaz Sharif, taking note of the rise in the value of the dollar, has convened an important meeting on the economic situation. The meeting will be attended by officials from the Ministry of Finance, FBR and Ministry of Commerce

According to sources, the meeting, chaired by Prime Minister Shehbaz Sharif, will discuss issues related to curbing the continued appreciation of the dollar, while the prime minister will be presented an implementation report on the decision to ban the import of non-essential items.

Sources said that the prime minister will also be apprised of the situation related to import and export in the meeting.

Yesterday, due to the political situation in the country and lack of negotiations with the IM, the high flight of the dollar could not be stopped.

The value of the dollar continues to rise and the Pakistani rupee continues to depreciate. In the interbank market, the dollar has risen by Rs2.01 to Rs197.75, while in the open market the dollar has risen to Rs200.

By the close of trading yesterday, the dollar had gained a total of Rs56 paise and the dollar had closed at Rs195.74 paisa.

Earlier, Finance Minister Miftah Ismail has said that the rise in inflation is due to the effects of Imran Khan’s agreement with the IMF and its violation.

He said that the rise in the value of the dollar is the effect of Imran Khan’s agreement with the IMF and its violation. It is not an easy task to bring the economy back on track.

The finance minister said that the subsidy on petrol has put severe financial pressure on Pakistan’s economy. There is a difference between the purchase price of petrol in the world market and the selling price in Pakistan, he said. The government is losing billions of rupees due to subsidy on petrol. The loss was estimated at Rs120 billion this month. No government can afford such a huge deficit, he said.

Miftah Ismail said that this is the reason why there is turmoil in all the markets and inflation is spreading. The government does not have money and if it still gives subsidy then more loans have to be taken. Therefore pressure on rupee with increase in interest rates will grow. Imran Khan took the biggest loan in history, Imran Khan borrowed 80% of the total loan of 71 years in three and a half years. Imran Khan has borrowed 80% of the total loan for 71 years in three and a half years. Imran Khan has borrowed Rs20,000 billion in three and a half years.

The finance minister further said that Imran Khan has given up Rs10.4 billion foreign exchange reserves. Foreign exchange reserves are equivalent to only 45 days of imports, this situation of foreign exchange reserves is dangerous. It should be at least doubled, foreign exchange. The situation of Pakistan’s reserves has increased the economic pressure of Pakistan. Imran Khan violated the written agreement with the IMF which we had to restore. Imran Khan created problems in relations with China, Saudi Arabia and all countries.

Miftah Ismail asked Imran Khan to answer why he took dollar from 115 to 189? The dollar was at 189, the dollar came down after the arrival of Shehbaz Sharif. The stock exchange had confidence in Shehbaz Sharif as it increased 1700 points.