Open market sees massive shortage of USD

[Jango]

Leave the open market, banks aren't letting you withdraw amounts from your foreign currency accounts.

 

[SecularNationalist]

Leave the open market, banks aren't letting you withdraw amounts from your foreign currency accounts.

Really? How authentic your info is?

 

[Jango]

Really? How authentic your info is?

Apart from the social media posts, a relative of mine wanted to get some money out for their children's study, but wasn't able to do so. In the end the money was transfered through a relative already abroad.

They also had to transfer fee a couple months back and the bank ran them ragged.

 

[SecularNationalist]

Apart from the social media posts, a relative of mine wanted to get some money out for their children's study, but wasn't able to do so. In the end the money was transfered through a relative already abroad.

They also had to transfer fee a couple months back and the bank ran them ragged.

Bad news for the online freelancers here who receive their earnings in USD or have their earnings in foreign currency accounts.

 

[ghazi52]

,.,.,.

 

[Jango]

Bad news for the online freelancers here who receive their earnings in USD or have their earnings in foreign currency accounts.

That's why everyone has started to keep their money abroad.

 

[epebble]

Apart from the social media posts, a relative of mine wanted to get some money out for their children's study, but wasn't able to do so. In the end the money was transfered through a relative already abroad.

They also had to transfer fee a couple months back and the bank ran them ragged.

Another anecdote:

As The US-Rupee Relationship Deteriorates, Pakistani Students Suffer The Most​

The State Bank of Pakistan (SBP) has resorted to extreme measures to limit US dollars as Pakistan's foreign exchange reserves fell to USD 6.7 billion, the lowest level since January 2019​

As The US-Rupee Relationship Deteriorates, Pakistani Students Suffer The Most - The Friday Times - Naya Daur

The State Bank of Pakistan (SBP) has resorted to extreme measures to limit US dollars in Pakistan as reserves fell to USD 6.7 billion

www.thefridaytimes.com

 

[Catalystic]

Thank you to all stakeholders:

Politicians, judiciary, military, bureaucracy, and the public.

Bohot boht mubarakan on this important milestone.

Next step: prevent ppl from withdrawing pkr from their pkr accounts - Yes??

 

[xyxmt]

Dar ne Dollar ko itna daraya ke wo Pakistan chor ke bhag gya

 

[Crimson Blue]

Back in June 2022:

Wait till September 2022. This is just the beginning.
If fiscal data trend coming out from May/June 2022 continues, then everyone in Pakistan should brace for an impact.

 

[Catalystic]

Whats the next impact ??

 

[Olympus81]

Devaluation, requesting IPP to shutdown or go into maintenance to reduce payments, stopping import LCs, trying to get more loans, locking foreign currency account withdrawals, increasing interest rates etc.

 

[epebble]

Whats the next impact ??

I have heard some medicines are stuck in imports. Also, surprisingly, a mountain of containers of vegetables. So, look out for a shortage of drugs and vegetables. People near the docks where vegetables are sitting may have air quality issues when the veggies start rotting.

 

[Crimson Blue]

Whats the next impact ??

If Pakistan is not bailed out, you would see shortage of all kind of commodities.

For example shortages of Petroleum Products, natural gas, food items including wheat , medicines and many others which cannot be predicted now.
Some international companies may cease operations in Pakistan, like Airlines.
You may see accelerated devaluation of PKR .

Banks has already started rationing USD, which is usually first sign of impending liquidity crunch. If things gets too bad for too long, like in Lebanon or Venezuela, then businesses may resort to accept USD/Euro instead of PKR.

But I hope I am wrong.

 

[Catalystic]

If Pakistan is not bailed out, you would see shortage of all kind of commodities.

For example shortages of Petroleum Products, natural gas, food items including wheat , medicines and many others which cannot be predicted now.
Some international companies may cease operations in Pakistan, like Airlines.
You may see accelerated devaluation of PKR .

Banks has already started rationing USD, which is usually first sign of impending liquidity crunch. If things gets too bad for too long, like in Lebanon or Venezuela, then businesses may resort to accept USD/Euro instead of PKR.

But I hope I am wrong.

Will this shortage only be experienced by the poor general public, or the DHA/bahria/fizaia/naval colonies?
Will politicians, judiciary, bureaucrats, jernails also experience??
Will booze and drugs stop flowing through teenagers and partiers in posh areas ???