Ex Finance Minister Ishaq Dar says he now believes in PTI govts GDP figures

[Pak Nationalist]

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This is what I have telling about, the amount of depreciation in REER of pkr is record in plmn time.

This is what happens when one prints 7 trillion rupees coupled with meager growth in inflows and massive growth in external outflows. ( These are the biggest factors that affect currency).

With the SBP printing and pkr depreciation comes massive inflation. In order to sudbue that inflation they artificially manipulated currency ( since economy was highly import dependant). Couple that with compromised central Bank and incompetent finance ministry that is non existant monetary policy ( interest rate) on SBP part and fiscal policy ( tax regime to control consumption) on finance ministry part, it was a cycle of complete destruction.

Furthermore they levied irrational taxes on greater than 50k pkr transactions and such measures promoting massive shift in favour of cash undocumented economy. I remember during that time we sold a plot and the buyer paid ( North of 2 crore) through cash in locker with the same bank ( same branch) he had the account in and paid down-payment through check. It took us the whole day moving cash in multiple trips to our bank. The money was all clean.


When ppp left our economy was in a much better position with currency, momentum in exports, and balanced monetary and fiscal policy combination to check in runaway externals and consumption.

GDP numbers in dollars is irrelevant when one is actively subsidising currency.


@Jungibaaz @Pak Nationalist

Slight disagreement vis a vis the WHT on bank transactions over 50,000 PKR. I think it was justified as a deterrent for increasing the number of filers. People who were not filing had to become filers to escape paying the WHT on every transaction above 50K. I myself had to become a filer due to this although I was not required to become one as all my earnings + residence were abroad. When I repatriated my funds, I had to become a filer so I could move around that saving to another account before closing my account. I speak not just anecdotally but this has been stated by officials of GoP that most people pay taxes not because they are supposed to but to escape the nuisance of WHT.

 

[PradoTLC]

Ex Finance Minister Ishaq Dar says he now believes in PTI govts GDP figures, but still got trolled anyway

https://twitter.com/x/status/1495018650553757700

https://twitter.com/x/status/1495003279784394754

https://twitter.com/x/status/1495024671443636229

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@Patriot forever @farok84 @ziaulislam @Dual Wielder @AZ1 @blueazure @muhammadhafeezmalik @Mav3rick @Tameem @hydrabadi_arab @blain2 @Jungibaaz @wali87 @El Sidd @ghazi52 @SIPRA @HRK @Zibago @Jazzbot @Indus Pakistan

noonies are world class idiots...

 

[AZMwi]

ان کرپٹوں کو باھر جانے کیوں دیا۔ ہور چوپو۔

 

[Patriot forever]

Slight disagreement vis a vis the WHT on bank transactions over 50,000 PKR. I think it was justified as a deterrent for increasing the number of filers. People who were not filing had to become filers to escape paying the WHT on every transaction above 50K. I myself had to become a filer due to this although I was not required to become one as all my earnings + residence were abroad. When I repatriated my funds, I had to become a filer so I could move around that saving to another account before closing my account. I speak not just anecdotally but this has been stated by officials of GoP that most people pay taxes not because they are supposed to but to escape the nuisance of WHT.

Bro this is what I am talking about. The implications were huge and not worth the 15b revenue it generated.

 

[Pak Nationalist]

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Bro this is what I am talking about. The implications were huge and not worth the 15b revenue it generated.

Could this be due to an oversupply of money in the market courtesy of extremely low-interest rates in PML N years?

 

[Patriot forever]

Could this be due to an oversupply of money in the market courtesy of extremely low-interest rates in PML N years?

It is entirely different. Let's put it this way.

Let's suppose someone has 1 crore, basically what the graph shows is what % of money he has stored under his mattress in physical form and how much is in his bank account. Extrapolate it to whole economy.

Suppose if someone buys a 2 crore plot he writes a check and gives it to the seller bank transfers the amount electronically to the sellers account. How much physical currency was involved?

Coin and paper % of M2.

 

[Shahzad hanif]

omg