Says Pakistan is currently facing a circular debt of Rs 400 billion
Islamabad (Pakistan Point News – 20th July, 2018) Former Finance Minister and Pakistan Muslim League-Nawaz (PMLN) leader Miftah Islamil in a shocking statement has said that the devaluation of Pakistani rupee against the US Dollar was done on purpose.
According to media reports, the former finance minister said that Pakistani exports are declining rapidly. Pakistan is currently facing a circular debt of Rs 400 billion which is very damaging for the country’s economy.
Our imports are of $24 billion. When the difference in imports and exports is of $15 billion, it is very dangerous.
Responding to a question, Miftah Ismail said that petroleum prices will increase in country with international market accordingly. We wish to provide cheap petrol to the world, he added.
In the open market today, the US dollar rose by 40 paisa taking the rate to Rs130.10.
As dollar touched a record high of Rs 128.26 in interbank market on Monday, a hike in petroleum prices is also expected.
According to media reports, a surge in prices of petroleum products is expected following further devaluation of Pakistani rupee against the US dollar. An increase of Rs3-4 per liter is expected in the prices of petrol and diesel.
The value of the US dollar hit an all-time high of Rs128.26 in the interbank market on Monday, according to forex dealers.
