Islamabad, IAS. The economy of Pakistan, which is moving towards destruction on every front, is going into a terrible trough, from where it is almost impossible to get out of it. The Pakistani rupee has reached its all-time low against the dollar.
Along with the Pakistani economy, now its rupee is also going down continuously. According to the central bank State Bank of Pakistan of Pakistani news ARY, the Pakistani rupee on Monday hit a low of Rs 173.50 against the US dollar. On Monday, the Pakistan rupee was at the level of 172.2 against the dollar.
Despite several measures initiated by the State Bank of Pakistan to ease the pressure on the exchange rate, rising demand for the US dollar is driving its value up sharply. Earlier, the central bank introduced regulatory measures to increase transparency in foreign exchange transactions and prevent unwanted outflows of foreign currency by exchange companies, the report said.
As per the guidelines shared by the State Bank of Pakistan, persons traveling to Afghanistan will be allowed to carry only $1,000 per person, subject to a maximum annual limit of $6,000. For all foreign exchange sales transactions to exchange companies $500 and above and outgoing remittances will require biometric verification and will be effective from October 22.
Pakistan needs 92 thousand crore help
Actually, Pakistan needs external help of about 9 lakh 92 thousand crore rupees (Pakistani currency) within the next two years to meet its basic needs. According to a report by The News International, Pakistan’s gross external funding needs are USD 23.6 billion in 2021-22 and USD 28 billion in 2022-23, despite very conservative estimates from the International Monetary Fund (IMF).
That is, in the coming two years, Pakistan needs external funding of 51.6 billion US dollars. Pakistan is currently struggling to get $1 billion from the IMF under the third tranche of the $6 billion deal.
Danger of remaining on FATF gray list
Pakistan will remain on the gray list until the next meeting of the Financial Action Task Force (FATF) in April next year. A media report claimed that during the FATF meeting in France, the body will announce that Pakistan has not yet met the standards.
