Surging dollar rate is ‘destructive’ for Pakistan’s national economy, security: Shehbaz Sharif

PML-N President and leader of the Opposition in the National Assembly Shehbaz Sharif on Monday called the consistent rise in the dollar rates “destructive” for the national economy and “dangerous” for national security.

He said that continuous increment in the dollar rate is making people poorer but the incumbent government doesn’t pay heed to it. “History is witness that any increase in the dollar prices has always augmented inflation in the country,” said Shahbaz, adding that the rulers are maintaining a “criminal silence” over the matter of dollar price hike just like their silence over the inflation.

Shehbaz stated that the surge in the value of the dollar and inflation could be the result of a “clandestine agreement with the International Monetary Fund (IMF)”. He went on to state that the government informs the Parliament about the result of the talks with the IMF if the deal with it hasn’t ended.

“Hiding the terms and conditions agreed upon with the IMF from the Parliament has something fishy about it,” said Shahbaz.

It is pertinent to note that the rupee touched a new all-time low of Rs174.43 against the US dollar in the inter-bank market on Monday in the wake of mounting pressure of import payments as well as looming uncertainty regarding a delay in the IMF’S decision regarding the resumption of the $6 billion Extended Fund Facility (EFF).

At the moment, the value of the dollar is Rs175.5 in the open market.

As of today, the dollar has risen by Rs0.43 in the interbank market, while in the open market, the value of the dollar has risen by Rs1.20.