Tuesday, August 9, 2022

The Prime Minister called an emergency meeting today on the economic situation of the country

Prime Minister Mian Muhammad Shahbaz Sharif has called an emergency meeting on the economic situation of the country today, Thursday, July 21. The meeting chaired by the Prime Minister will be attended by the government’s economic team and top officials related to the economy.

In the meeting, a briefing will be given on the economic situation of the country and the facts regarding the value of the rupee. The participants of the meeting will also consider the reasons for the recent increase in the value of the dollar and the measures to counter it. On the other hand, the increase in the value of the dollar continues in the country. The dollar appreciated by 3 rupees 1 paisa in a day, the dollar rose from 221 rupees 99 paise to a high of 225 rupees in the interbank.

Experts say that the US dollar has become expensive by 14 rupees 5 paise in just 3 days. After the new government, the US dollar has become expensive by 42 rupees 98 paise. On April 12, 2022, the dollar was at 182.02 rupees in the interbank, the US dollar has become expensive by 23% in 3 months and 12 days, there is severe pressure on the rupee to pay the import bill. The current account deficit has also added pressure.

The dollar closed at the level of 221 rupees 99 paise yesterday. Yesterday’s increase in the value of the dollar by almost seven rupees is the biggest increase in a single day in the country’s history. In Pakistan, at the end of the fiscal year ending June 30, 2022, the dollar closed at 204.85.

According to experts, the rising import bill of the country is the reason for the increase in the value of the dollar, which has been boosted by the increase in oil, gas and commodity prices in the global market.

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