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70 RUPEES PER 1 DOLLAR??? WHERE IS ISHAQ DAR? investors starts running away

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Now, the dollar was actually falling in many parts of the world. I am surprised to hear that the Pakistani Rupee is actually falling against the Dollar:confused:

It is great news if Pakistan was an export based country, but Pakistan is'nt exactly an export based country, the trade defecit for Pakistan is very high, as people were more interested in importing stuff from outside.It is also bad for the stock market.
Really Pakistan must do more for the economy and real fast.Things ar'nt looking good.:undecided:
 
$3.5bn inflows to stabilise forex markets: Dr Akhtar

KARACHI: Foreign exchange inflows to the tune of $3 billion to $3.5 billion are expected to come in the banking system in the short to medium-term, said Dr Shamshad Akhtar, governor State Bank of Pakistan here Friday.

These flows coupled with joint efforts of SBP and commercial banks, will further stabilise the Pakistani Rupee parity vis-a-vis US Dollar and calm down foreign exchange markets, she added.

During a meeting with heads of commercial banks at the SBP head office, Dr Akhtar assured the participants that there would be ‘no reversal’ of foreign exchange liberalisation measures seen in the past years.

However, she expressed her concerns over excessive volatility and weakened Exchange Rate and commented that the recent behavior of the exchange market “is totally out of line.”

“We aren’t in a crisis like situation .... several measures are in place to remove macro-economic imbalances,” she said and added that the government has expressed its firm resolve to bring down fiscal-deficit, retire central bank borrowings and cut non-developmental expenditures. “There is a strong recognition that macro-economic imbalances have to be resurrected and this is the corner stone of Government’s economic policy,” she added.

Dr Akhtar informed the meeting that the government has taken steps to mobilise foreign funds and added that some of the inflows which are expected to realize soon include $2.1 billion from Multilateral Banks, $500 million from friendly countries, $200 million for earthquake relief, $100 million from DFID, $700 million from MCB Bank’s stake sale, $100 million from Barclays Bank and the rest through private sector GDRs and other regular sources.

She said that the government is also taking measures to control inflation and added that the central bank will continue to remain in a monetary tightening phase.

Given these facts, SBP Governor said, “Current rupee volatility is not reflective of the macro-economic fundamentals.” She said that she is perplexed over recent Inter-Bank market behavior and urged banks to play a proactive role to kill negative sentiments in the market. She said that the central bank has made timely and effective interventions in the market and added that any future interventions by the central bank will be in accordance with its analysis of the situation. The Central Bank is vigilant of the situation and will take the necessary steps as the situation warrants.

“Had we not intervened effectively, the exchange rate would have been at a different level, but present level doesn’t reflect fundamentals” she added.

SBP Governor urged the bankers to educate their clients, including importers and exporters, about true macro-economic fundamentals and play their role to bring stability in the Inter-Bank market, which is not only in the interest of the country but banks as well.

She said that banks have a duty to encourage exporters not to hold back export receipts and mobilize foreign exchange funds in the interest of the country. “Let’s think of the country ... strong economy is also in the interest of the banking industry.”

The Governor urged banks to increase their deposit rates and said that banks should also focus on increasing private sector credit disbursements as it will help the country to remain on a high GDP growth trajectory.

Dr Akhtar said that the central bank realizes that some moderate trading is healthy to nurture interbank market and ensure price discovery and liquidity; however it has been noticed that some banks are engaged in excessive trading which is detrimental to market discipline. In the current environment it is not appropriate to indulge in excessive trading creating undue volatility in the Exchange Rate. She added that the central bank’s advice is that banks’ treasuries maintain strong relationships with their customers; this should help mute excessive volatility. “Customer’s excessive shopping with different banks for the same transaction often creates a perception of larger outflows, which is not always the case,” she added.

SBP Governor said that the central bank has conducted a few surprise inspections and it is found that some banks were not following regulations in closing-forward import contracts. In some cases contracts have been closed out at off-market prices rather than current market prices, she said and added such practices encourage customers to take frequent speculative positions rather than ‘true’ hedging.

Moreover, she said it is also noticed during surprise inspections that a few large cash transactions were going through the FE-25 accounts i.e. cash deposits followed by TT outflows. There is also considerable delay in exporters selling their proceeds in the market. “Banks are responsible to ensure compliance with all SBP regulations in this regard otherwise they will face penalties. We will also increase our vigilance to ensure that the export proceeds are realized in time,” the Governor asserted.

Dr Akhtar said that the central bank is in no mood to impose any severe administrative controls over the Foreign Exchange market and added that it is expected that the market players will behave rationally. “However, if the market fails to discipline itself, the regulator has to fix things,” she asserted.

Daily Times - Leading News Resource of Pakistan
 
Correction its 1$=67.5PKR , and not 70. and 1$=41.5INR.

Please dont post false info, this creates further panic among the people, which is not good for the economy.

"Each friend represents a world in us, a world possibly not born until they arrive, and it is only by this meeting that a new world is born......!":pakistan:

Its great to see fellow here think positive and consider issues in broad spectrum. If am not wrong, the difference of opinions is the spirit of healthy discussion at any forum, while mistakes, "errors of omission" & "error of commission" are expected from any one or every one of us.

The news and statements caused to enhance panic or embarrassment, will not be appreciated. But on other side you must agree we should not avoid the facts (even bitter) with open eyes, we being decent Pakistani have to face the challenges, facts & figures to confront.

while Dear "Talwar" In my view "fatmennow" has not given any "false Report" (as you mentioned), he is right as US$ value on Friday was boosted up and touched Rs:70/$, (a page of news is enclosed for your reference in this regard enabling to be able to justify that fatmannnow havt mentioned "false").

Meanwhile, as you have asked to know the increase rate of US$ since 2007, I advise to check details on the link below to get all related info.

Hope you wouldn't mind clarification & justification for the true news stated in fatmennow's thread, though I dont know him personally but yes being a fellow member of this praiseworthy forum, we all are supposed to care each other being members of this dedicated community, defense.pk :pdf:.
Please check Forex increase ratio at: www.forexpk.com

Please also check news Page for $ status supporting the news stated in this main thread:
 
No, this will hurt us because our trade deficit will grow massively. We can't help but import oil, and a sliding ruppee and climbing oil prices mean it will hurt us very, very badly. There are some thing we cannot help but import.

Oil import will stop costing you money once governments stop subsidizing it name 1 Western country thats losing money on oil no guts no glory.
Most nations are taking in billions/yr in revenue from oil not spending on it.
sliding rupee will force population to buy locally build goods as imports will become expensive.
since the Canadian dollar is on the rise against the US$ manufacturing is leaving Canada.us dollar use to cost 145/1 American dollar now they are at par.
 
SOS+++ :hitwall:ITS,,,,,,, going out of hand now ! it was said in AJJ KAMMRAN KHAN KEY SATH? that because of the dangerous statments by ISHAQ DAR investors starts... taking out thier investments from pakistan...... and now.... its out of hand.

all the , economic forcasts starts..... melting up..... and the govt.. dont have any answer????

plz..... every,,, patriotic.... fellows plz,,,,, give your sugestions and ideas... wht can be done to make situation in control.:hitwall:
THANKS

First of all I must appreciate your anxiety gaze at issue, and wish our responsible decision making authorities have the same attitude in all aspect for the sake of the well being and development of the country.

Here, for immediate confrontation to the issue, govt has already taken short term measures like:
State Bank given US$ 6 million to stock exchange companies.
Stop foreign exchange handy transfer abroad, etc

But this are all short terms (Tips) measures showing the pass-up attitude of the authorities. Though I have some reservation that this issue may be engineered as deliberate prebudget bounce, to enhance reserves and to collect additional foreign exchange as more as possible before budget. which could break trust among current and upcoming expected foreign investors, and local investment companies as well. Which could harm full in long run for country
(This could be one of the tactics the expected according to the basic mentality of Dar of Sharif Group(capitalists), as if members remember, they have seize foreign exchange accounts during their previous tenure, in addition if peoples remember Dr. Shamshad Akhtar Met with Shabaz Sharif at his villa in Raiwind on April26 2008 strengthening my reservations about said possibilities to built pressure, if they will quit from Collusion then raised issue upon weak fiscal situation, or if they will continue then they may get credit to cover-up the issue).

Hope I may wrong, but regardless right or wrong, as it's a serious issue and has to be resolved. we need to review our all resources, skill, and current situation, have to make short terms reforms for immediate reliefs but need a comprehensive "Road Map" of ideal economic development.

We all crying for the issues and I believe that, either the problems are self created or ignored, and imposed these problems on public deliberately to engage them in issues, and the political elites can enjoy without any disturbances or fear, but if the problems of weak economy persists genuinely, then we have to get rid all of issue by doing hard on "War Footings" to make effective Plan for development.

I would say here.. Its easy to do as fortunately, we are one of the top richest nation by having maximum natural resources, ambitious talented, hard working patriotic human resources, Geopolitical importance.......etc, Just needed the "WILL" of leadership to do, to resolve..........and we can make it by .........I am very and can elaborate a "Road map" for economy boost including rapid reduction of inflation, unemployments, education reforms, health issues, and well being not only in Urban but rural area by addressing VOT, SMEs, R&D as whole.......... this may feel good by having look on these words yes it is as we heard about it since long by several of our politicians.....but as i told earlier it can be done on the basis "War Footing" with the "Will" of a "True Leadership"! as saying:

"Where, there's Will - There's a way":pakistan::cool:
 
MY, DEAR PK PATRIOTIC SIR,
Frist of all , i would like to thank you for your kind support and very exclusive input on the issue , i tried my best to put a post which is directly concerned to a normal poor citizen of pakistan so that guys like you can ellaborate and disscus this recent, economic fall down.

before the elctions and after the elections , it was said and posted in the different circles of the society, in print media, watched in electronic media that true democracy is the cure for all the ills in pakistan , and it was also said that , once free , fair election held, every thing willbe alright!

today, every thing has been done as was demanded by the majorty of these political parties, in genrl elections all these political parties promised the common people of pakistan everything they could, but right now, all thses political parties failed to at least draw a road map towards the progress of pakistan and pakistanis. they got what ever they needed , whatever they want!

as a nation, we should realize that our politicians including our berucracy, both are irresponsible, selffish and care less in terms of runing pakistan. if you study closely, recent actions by these ( power houses) or pilars of powers of pakistan, you wil find that, NAWAZ SHARIF, is hungry for abslote power & he is trying to get power, ASIF ZARDARI , who got his co-chairmanship in a lottry, is more intersted to become UNEDUCATED PRIMEMINSTER OF PAKISTAN , thanks to our SUPREME COURT which allowed all this already! ASIF ZARDARI is more intersted to increase his power.
in the last, i like to mention, our great PRESIDENT MUSHARAF who is trying to survive his presidency and to save his powers.
ousted judges, who were trying to get thier jobs back , with the help of voilent lawyers and 3rd grade politicians like IMRAN KHAN, QAZI,,,etc and creating a preasure on every screw of the state, in a selffish mannr.

whoever i mentioned above, are the very reason why we are facing this economic meltdown, no one above mentioned personalities, spoke a single word about our recent economic down fall, they doesnt care about it, they dont have time for this public out cry.

all what, we are getting from them is DUBAI MEETING, LONDON MEETING & MEETING , these are the hard facts why, INVESTORS doesnt see any light in the this dark tunnel and they suddenly start runing out of pakistan which caused this eco-down fall, its not international oil prices, its not other natrual challenges, which was faced by all the world.

plz, my dear fellows.. these are hard facts, my requst to you is only that plz, critisize these responsible personalities, who are runing pakistan selfishly & also dont put your likes and unlikes in between, i think if we, become united on the issue , at least every pakistani can eat a ROTTI EASILY.
LONG LIVE PAKISTAN
THANKS
 
MY, DEAR PK PATRIOTIC SIR,
Frist of all , i would like to thank you for your kind support and very exclusive input on the issue , i tried my best to put a post which is directly concerned to a normal poor citizen of pakistan so that guys like you can ellaborate and disscus this recent, economic fall down.

before the elctions and after the elections , it was said and posted in the different circles of the society, in print media, watched in electronic media that true democracy is the cure for all the ills in pakistan , and it was also said that , once free , fair election held, every thing willbe alright!

today, every thing has been done as was demanded by the majorty of these political parties, in genrl elections all these political parties promised the common people of pakistan everything they could, but right now, all thses political parties failed to at least draw a road map towards the progress of pakistan and pakistanis. they got what ever they needed , whatever they want!

as a nation, we should realize that our politicians including our berucracy, both are irresponsible, selffish and care less in terms of runing pakistan. if you study closely, recent actions by these ( power houses) or pilars of powers of pakistan, you wil find that, NAWAZ SHARIF, is hungry for abslote power & he is trying to get power, ASIF ZARDARI , who got his co-chairmanship in a lottry, is more intersted to become UNEDUCATED PRIMEMINSTER OF PAKISTAN , thanks to our SUPREME COURT which allowed all this already! ASIF ZARDARI is more intersted to increase his power.
in the last, i like to mention, our great PRESIDENT MUSHARAF who is trying to survive his presidency and to save his powers.
ousted judges, who were trying to get thier jobs back , with the help of voilent lawyers and 3rd grade politicians like IMRAN KHAN, QAZI,,,etc and creating a preasure on every screw of the state, in a selffish mannr.

whoever i mentioned above, are the very reason why we are facing this economic meltdown, no one above mentioned personalities, spoke a single word about our recent economic down fall, they doesnt care about it, they dont have time for this public out cry.

all what, we are getting from them is DUBAI MEETING, LONDON MEETING & MEETING , these are the hard facts why, INVESTORS doesnt see any light in the this dark tunnel and they suddenly start runing out of pakistan which caused this eco-down fall, its not international oil prices, its not other natrual challenges, which was faced by all the world.

plz, my dear fellows.. these are hard facts, my requst to you is only that plz, critisize these responsible personalities, who are runing pakistan selfishly & also dont put your likes and unlikes in between, i think if we, become united on the issue , at least every pakistani can eat a ROTTI EASILY.
LONG LIVE PAKISTAN
THANKS

My dear "batmannow", its highly regarded and appreictaed your efforts and sincere painfull intentions behind it.

I really proud to be Pakistani and then a member of Defence.pk, where i have such nice, sincere and wishfull enegatic peoples.
Before goahead, Once again I would like to say great thank with high regards to the Webmaster, adminstrators moderators, think tank, all senior Members and new fellows for their great efforts contributed to made this forum integrated, knowledgeable and meanfull by sharing views & news and participating healthy discussions.

I wish that, why dont we send Webmaster and whole adminstrative teams even for short time, to teach and to manage the whole parliment systems, judiciary, cabinets, civil & army bureaucrats, to make them responsible & sincere with spirit of "Good Governance" for the sake of well-being of nation.

Dear batmannow, I have posted approx 160+ threads here, and almost about 90% of my post addressing the same issues in detail, you may review all of my said posts for info.

As i have mentioned gr8 tkx to all above stated honorable dignities & fellows of this valued forum....... which is one of the sources I used to communicated and highlighted the Media role, since last month at this forum, while wrote in different other bloggers, talked by phone calls and personal meetings as much as possible, have discussed complaints, about "media bias role" to the senior renown Journalists and columnists in Pakistan and overseas too including International press association. Thanks God I Ultimatly succeeded to change a little and which we can observe since last 15 days, still there 2 -3 particualr peoples are trying to be clearly bias & hot but the media group are bit concious now and have changed their particular behaviour in general...... anyway i am still in the way to keep watch confront upon them...!

As far as Democracy conceren, I am little confused........ I need to know the basic differnce in between Democracy & Dictatorship.
Frankly, in my views that i have observed particularly in countries like Our loving Pakistan, the Democracy may be more dangerious then dictatorship!

Dictators Generals, generally come from army by coups, and dictate as they desired its obviously natural and expected!
While, Political leaders(I have serious reservations about the leadership qualities in our politicians, so please take this word just for seat claimant personality) no doubt comes in result of deals oriented (slections) Elections and after being seated they bypass the parliment or parliment's members start dictating, do what they want. I never heard that the party leader call their members to make general discussion /debate to contribute individual views & vision..no & .never...I havn't saw ever such a democratic process run with in the party itself additionally in 1997 the consitute of Pakistan has been amended as: "Fourteenth Amendment Act, 1997, artical 63-A-Item 8 titled Disqualification on ground of defection, etc.--- " This amendment is self-explainatory which stop the member parliment of the particular party, can not allowed to even comments against party's leader wish, which is obviously a dictatorship.

In our country the Democracy define like:

[I]"Democracy substitutes election by the incompetent many for the appointment by the corrupt few"..........![/I]

[I]"Democracy is a device that insures we shall be governed no better than we deserve"[/I]

Anyway, there is lot to debate on democracy but The best argument against democracy is a five-minute conversation with the average or below class citizen/voter:angry:

As I have mentioned in my earlier posts that, The death of democracy is not likely to be an assassination from ambush. It will be a slow extinction from apathy, indifference, and undernourishment! Its the weakness & bad exposure of our politicians that they prefered their personal pre-planed interests, which generate the problems and causes serious clashes among each other. It's failure of civilians.This is how all our martial laws have imposed.
As A J P Taylor observed in his biography of Bismarck, the armed forces are a fundamental institution in any state, and it does no good to wish or pretend otherwise. Military takeovers occur when the civilian-led political system breaks down or loses legitimacy.
We knows that, Nawaz Sharif's downfall was also self-inflicted in 1990. Later he and other politicians recognised there mistakes to assured to avoid the same behave in future, in front of several occasion on media .

They should give top priority to Rapid reforms reliefs of peoples as early as possible, and plan a dynamic strategy for economic & social development Short-Medium & long terms basis with emphisizing "Good Governance" (in real sense not just chant as previous practice) and addressing Inflation Control, Reduce poverty and generate mass employments for facilitation of the Public as they promised, and remember:

"The death of democracy is not likely to be an assassination from ambush. It will be a slow extinction from apathy, indifference, and undernourishment"

The inflation & unemployment issues are serious & most important then even Judiciary...... as what that happened it was delibrated personal conflict. Sort it out impartially, as Now another debate may begin regarding CJ Caliber that, after involved by attending and addressing several public meetings under political flages... then how is it possible to be unbias???

So let the things take its natural course, what best we can do is to judge his decisions rationally and then oppose it if those are not right.
By the way one single thing he has done for sustainable democracy is opening the Media, Now Media should prove their worthy entitlement for liberty as dignified unbias true journalism based on ethics designed by Internation Association of Journalists. I particularly advised to Mr. Ansar Abbasi to please care about the prestiage of yoru profession..... and you got liberty...... we really dont understand yet that, why you as a senior journalist are obviously irrational partial attitude which can caused to impact negetively on your professional career.
Being professional we all should committed to do not take matters personal ibut justify as perfact professional, you born and named Ansar Abbasi......... for identification.....with the long passage .......time has came that your recognised as professioanl journalist ....now its your identification, plz dont degrade it by missusing your facilititions & authorities, be impartial........... think if you do "wrong" so how can you expect "right" from others...!!!

Once again I would like to say that, I dont see army comming back now “yahan tak keh hamary politisians chok main kharay ho kar azan na daina shoroh ker dain keh come and save the country”:taz:

:pakistan:GOD BLESS PAKISTAN:pakistan:
 
STILL, no.... let down.. inthe eco-strom???
 
70 Rs = 1$ blame your beloved ishaq dar for his ir-responsible statements. he is a hound dog let loose by NS to de-stabilise the financial markets. so far US$ 1.5 bill has been siphoned out of the country by the foreign investors -
 
That useless Ishaq Dar is good for nothing but kissing bald eagle's arse (so good riddance!!!). The hell with all these politicians and their petty squabbling. As per Moody's the reason for reducing Pakistan's rating to B is that the government has not been able to spell out a long term economic policy. The reason is simple, these bloody vultures are too busy picking from the carcass to think about anything long term.

All they have on their minds is that "Go Musharraf Go" crap while the country is going to hell.
 
Good thing he resigned because he would of looted the country again, just like he did before 1999.
 
Good thing he resigned because he would of looted the country again, just like he did before 1999.

Actually he did not line his own pockets even in 1999, but in my opinion, he was putting party politics above the good of the country. As a finance minister, he was totally ineffective and spent most of the time bad mouthing the previous administration as dictated to by that idiot Nawaz Sharif.

Good riddance. I would pray nawafil the day Nawaz Sharif, Zardari and ilk are all booted from the country for good.
 
Actually he did not line his own pockets even in 1999, but in my opinion, he was putting party politics above the good of the country. As a finance minister, he was totally ineffective and spent most of the time bad mouthing the previous administration as dictated to by that idiot Nawaz Sharif.
Good riddance. I would pray nawafil the day Nawaz Sharif, Zardari and ilk are all booted from the country for good.

I think the bottom line is and you would agree with me hear is that he did not serve the people. The oath that he took as a public servent meant nothing to him. But lets looks ahead. What's next? Dos the economyy continue to spiral downwards? Do we even have some who can stop the bleeding? But the real question is is the government sincere in solving the peoples problem?
 
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