Mkt panic: Pakistan rupee at record low

Discussion in 'Pakistan' started by Drsomnath999, Jun 1, 2012.

  1. Drsomnath999

    Drsomnath999 lord of 32 teeth Elite Member

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    Karachi: The Pakistani rupee sank to its lowest level against the dollar today amid panic in the country's fragile forex market, as Pakistan's central bank denied it would have to return to the International Monetary Fund (IMF) for assistance.:laugh::pound:
    The currency slid 0.9 per cent to 93.8350 per dollar, which is a record low, according to Malik Bostan, president of Forex Dealers Association.

    In an interview published in The Wall Street Journal on Tuesday, bank governor Yaseen Anwar was quoted as saying the government's failure to control the deficit could make it difficult to meet the more than USD 4 billion in IMF loans due in the fiscal year starting July 1.

    "This statement created havoc in the market causing a drop of 1.3 per cent in the rupee's value against dollar in two days," Mohammad Sohail of Topline Research said.

    However, in comments issued today, the State Bank of Pakistan said the country faced no risk in being able to make next year's IMF payments from its reserves.

    "The decline in our projected reserves will be partially offset by an increase in remittances which will exceed USD 13 billion this fiscal year," Anwar said.

    "Additional foreign direct investment (is) in the pipeline that includes US company investments in the power sector," he said.

    But he conceded that the fiscal deficit and the lack of external financing will continue to challenge Pakistan, especially the central bank.

    "Yet, let me assure you that Pakistan will not stumble into a situation that requires emergency external assistance," he added.

    Analysts said another factor that had devalued the rupee by 4.1 per cent this year was the uncertainty over Pakistan's now six-month blockade on NATO supplies to Afghanistan.

    "The rupee is in greater pressure as well because of the delay in the settlement of Pakistan's dispute with NATO, which has made uncertain the payment of billions of dollars of the Coalition Support Fund to Pakistan," Sohail said.

    Pakistan sealed its Afghan border to NATO supplies last November after US air strikes killed 24 Pakistani soldiers. It has conditioned its reopening on an American apology and an end to US drone strikes on Islamist militants.
    Mkt panic: Pakistan rupee at record low
     
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  3. Blackwater

    Blackwater Veteran Member Veteran Member

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    I have heard pakis state bank has printed 6000 crore PKR notes in last 2 yrs
     
  4. ajtr

    ajtr Veteran Member Veteran Member

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    As if indian rupee is doing any better .
     
  5. arkem8

    arkem8 Regular Member

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    They might get a lot more value if they sell those banknotes as toilet paper(kya design hai boss!!)to uber first world countries like Denmark, Norway, Japan and Canada.

    ---------SANDAAS---------
    premium luxury toilet paper (WAHH CANTT, Lahore, Pakistan)
    Types:-
    1. "Jinnah the saviour" single pleat.
    2. "Iqbal the poet" floral texture.
    3. Zulfi Bhutto "Napoleon" single pleat(austere)
    4. Musharraf "Triple or quit" Triple pleat for enhance scrubbing and luxurious feel.....
     
    Last edited: Jun 2, 2012
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  6. Blackwater

    Blackwater Veteran Member Veteran Member

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    much better than ur ruppes
     
  7. Mad Indian

    Mad Indian Proud Bigot Veteran Member Senior Member

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    Look at us, we are back to comparing ourselves with Pakis:frusty:
     
  8. ajtr

    ajtr Veteran Member Veteran Member

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    The de-hypenation was only with in indian minds.world always saw india-pak hyphenated..thats your curse you cantnot escape pakistan.And with indian economy going downhill indian will found themselves same at aposition in 1992 below pakistan in GDP growth.I know it will be painful for you indians but better you people get used to now.
     
  9. arkem8

    arkem8 Regular Member

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    Pakistan's economy is in recession at a rate of between 2-4% that is why your elite are fleeing with their money to the Gulf and Bangladesh....(the goras have abandoned them)

    The Dehypehation is not possible to people of the Partition generation, for us- their grandchildren it is non existent i.e there is no comparison. The current generation of Indian's cannot name one area where Pakistan is worthy of emulation.
     
    Last edited: Jun 2, 2012
  10. ajtr

    ajtr Veteran Member Veteran Member

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    5.3 is not too far either for a country 7 times larger than pakistan.And your elites siphoning off monies to their swiss accounts through biggest ever scams world has ever learnt off.
     
  11. Dovah

    Dovah Untermensch Senior Member

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    Epic fail!

    Growth rate and country size? Are you out of ideas already?

    You do justice to that flag.
     
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  12. arkem8

    arkem8 Regular Member

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    What makes you think the fall in growth rate is permanent, if you haven't noticed things are bad everywhere. Even though India's problems are mostly self inflicted.. this is because of populist spending like entitlement programmes to the poor, employment schemes, free fixed payments to b.p.l types(MMREGA), obviously these are schemes Pakistan can only dream of. And elites everywhere siphon off money except in Pakistan where the elites are the money the 98-99% lower class owns almost nothing.. This is not the case in India where the Middle and Upper Classes are much bigger both in size and in proportion.

    Also India has elections in 2014(maybe earlier), these are great self correcting mechanisms

    PS: Kyah re when was the last time Paki managed 5.3%??--in India the UPA government is being roasted and crucified for it....
    http://articles.economictimes.indiatimes.com/2012-05-31/news/31921828_1_gdp-growth-high-growth-incentive
     
    Last edited: Jun 2, 2012
  13. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    Not at all you Paki jihadi woman. The entire world has already de-hyphenated your terrorist sponsoring failed state, and India.

    In 2013, you will realize that your pig nation is forever destined to be in the rubbish heap of nations, when India reaches 7.5+ again.
     
  14. sob

    sob Moderator Moderator

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    The question is not 5.3% or 7.5%. With the size of the Indian economy, even a growth figure of 5.3% is like 25% for Pakistan.

    similar is the case with Germany/Japan even a 1.5 % growth rate is enough to make a huge difference globally.
     
  15. arkem8

    arkem8 Regular Member

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    Bro read this gem of an article from the Paki media
    Double-counting: GDP overestimated, may be slashed by 10% – The Express Tribune

    Notice how all the figures in the article are in the worthless Pak Rupee terms. This is to not remind the reader of the situation in dollar terms. That would give a very clear picture of the totally hopeless situation that the Paki finds itself in.

    Also read Paki priorities....
    http://tribune.com.pk/story/364865/proposed-budget-share-2-for-higher-education-20-for-military/
     
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  16. sukhish

    sukhish Senior Member Senior Member

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    pakistan GDP growth was 2.6% and not 3.7% as reported by you FM, they do not want to rebase economy 2000-2001. if they rebase it will be no more than 2.7%. as usual most of the budget numbers are fugged
     
  17. Bangalorean

    Bangalorean Stars and Ambassadors Stars and Ambassadors

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    The previous generation of Pakis finds it so hard to de-hyphenate India and Pakistan, it is almost physical pain for them. :pound:

    As the older ones gradually get their virgins, the new generation will be more used to the idea of being born in an inferior country. Then we will see less irritating trolling like this. By 2020s, I guess the Paki youth will reconcile themselves to the fact that their country is destined to be a failure. If their country survives till then, that is...
     
  18. Neil

    Neil Senior Member Senior Member

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    according to ajtr.....pakistan is doing much better than US or EU countries are doing....considering they are reporting negative growth...so now pakistan is the new super power...all hail pakistan...!!!

    madrassa education at its best....!!
     
  19. sob

    sob Moderator Moderator

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    This nation is doomed to be in a downward spiral, 2% of Budget for Education and 20% for Defense. But then I forgot that education in madrassas are practically free and are mostly run on Saudi alms, so no problem for the country.
     
  20. sukhish

    sukhish Senior Member Senior Member

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    education in paki land is not that complicated, all they have to teach is hate and intolerance and that doesn't require huge amount of budget. however nuclear weapons do require hugh amount of investment and hence 20% for defense. for education couple of doctored korans are good enough, heck even 2% is lot of money for that kind of education. but I guess maulvis have to get their fair share as well.
     
  21. ashdoc

    ashdoc Senior Member Senior Member

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    the hyphenation is now af-pak . afghanistan-pakistan :thumb:

    you are stuck with the marauders from the northwest :taunt1:
     
    Last edited: Jun 2, 2012

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