ISLAMABAD: The opposition leader in the National Assembly, Shehbaz Sharif Monday termed the massive and continuous depreciation of Pakistani rupee against the US dollar for the last so many days, destructive for the national economy and dangerous for the national security.
Sharif, who is also president of Pakistan Muslim League-Nawaz (PML-N), in a series of tweets, said that the continuous surge of US dollar against Pakistani rupee and inflation could be the result of a clandestine agreement with International Monetary Fund (IMF).
He said that increase in US dollar rate has made the lives of masses miserable while the government is acting as a silent spectator, as it is simply not bothered about depreciation of Pakistani rupee.
The history is a witness that any increase in the dollar prices has always augmented inflation in the country, he said, adding the rulers are maintaining a criminal silence over the matter of dollar price hike just like their silence over rising inflation in the country.
He demanded that the government must brief the parliament about the result of its talks with IMF if the deal with it hasn't ended.
"Hiding the terms and conditions agreed upon with the IMF from the parliament means there is something fishy," he added.
He said that the people are paying the price for agreeing to the conditions put forward by the IMF in terms of inflation and unemployment.
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).
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. At present, the value of the dollar is Rs175.5 in the open market.
Copyright Business Recorder, 2021
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