Johar Ali Qandhari, the country’s leading economic analyst and former chairman of Korangi Association of Trade and Industry (KATI), has said that the country’s economic situation is not ideal at the moment because of the foreign exchange held by the State Bank of Pakistan.
Reserves decreased by 784 million dollars to 6 billion 72 million dollars, which is the lowest level in almost 4 years. will and will bring the dollar to the level of 200 rupees, but they have not been able to fulfill their promise. There has been a decrease of about 4 billion dollars, which was 10 billion 90 million dollars at that time.
Depletion of reserves may make it more difficult for Pakistan to repay its foreign debts as the current reserves are sufficient for imports for less than a month. Governor State Bank is saying that the debt repayment situation is completely under control and all external payments will be made on time and they also claim that Pakistan will not go bankrupt, but apparently this appears to be rhetorical. I Johar Ali Qandahari said that concerns about the country’s ability to repay the huge foreign debt are clearly being expressed, continued concerns have also created pessimism in the market and the exchange rate has remained volatile during the current fiscal year.