Our Real Economic Position
The federal Government is announcing on daily basis that our
economy is on the path of progress and prosperity, but all the
major indicators are pointing in the opposite direction. According
to the recent statement issued by state bank of Pakistan the
account deficit is widened by 91 percent in July – November period
to $ 2.601 billion. The traditional sources of foreign exchange
reserves like foreign direct investment, remittances and exports
are decreasing. Foreign direct investment fell 45 percent (DAWN).
The foreign exchange reserves are above $23 billion, but the
shortage of inflow effects the exchange rate. The value of dollar
crossed rupee 108 in the open market.State bank of Pakistan is
trying to keep the value of dollar at $105 in the interbank market
and failed due to the low supply of dollar in the market.
M. Waseem Uddin