According to sources, the Pakistani rupee has depreciated by 30.5 percent against the US dollar in the last three years and four months under Imran. According to an international news agency, the exchange rate of one US dollar in August 2016 was 123 Pakistani rupees.
This December the price has come down to 16 rupees. In other words, in the last 40 months, the rupee has fallen at a rate of 30.5 percent. This is the second time in the history of the country that money has been devalued so much. At the moment, the price of one Indian rupee is only 43 paise in Pakistani currency.
In 1947, Pakistan introduced its own currency system. The monetary system is managed by the State Bank of Pakistan, the central bank of Pakistan. History has shown that Pakistan has never before seen such a high devaluation of money. That was in 1971-72.
East Pakistan has just snatched independence, their new name is Bangladesh. At that time, the value of Pakistani rupees fell to 56 percent. The Pakistani rupee depreciated from 4.70 to 11.10 against the US dollar that year.
Ashfaq Hasan Khan, a former economic adviser to the country, said the poison of economic policy-making was completely broken. Central revenue policy is totally dependent on the exchange rate at the moment. And as a result, the country is facing huge inflation. The amount of debt is gradually increasing.
Experts believe that the economic situation in Pakistan is getting worse under Imran Khan. As the devaluation of the domestic currency increases, so does the burden of inflation. Which is almost impossible for ordinary people to carry. And the economists of that country are counting the mistakes in the situation that has come to light this month. According to them, the devaluation of the currency at the rate of 30.5 percent will push the country towards horrendous inflation.
Pakistan’s market has been on fire since 2019. Ordinary people of that country also think that inflation has made the country stand on the edge of the abyss. Pakistan’s economic downturn began in December of that year. In December 2020, one chicken egg was sold at Rs. 30 in the Lahore market.
In other words, if a family wanted to buy a dozen eggs, their cost was three hundred and fifty rupees. Ginger was sold at Rs.1000 per kg that year. It is estimated that more than 25 percent of the population in Pakistan lives below the poverty line. Informed quarters think that the number has increased in Corona.