Pakistani foreign reserves have trembled under political instability and ongoing tensions which mainly include terrorism, are also affecting the foreign reserves. President of Islamabad Chamber of Commerce, Mr. Ijaz Abbasi said:
‘Political uncertainty is the only factor pushing the market down and forced investors to offload their shares,’
He said the World Bank last month estimated that 33 countries were threatened with political and social unres
t because of the skyrocketing costs of food and energy, and Pakistan is among the list.
He said the dollar rose sharply against the Pakistani rupee and the only reason was the lack of political stability in the country. It definitely increases the trade deficit for the investors because we get fewer amounts form our exports and our imports cost us much due to the decrease in the value of rupee.
To prevent a sharp slide of the rupee against US dollar, the authorities should intervene and take the issue seriously; otherwise our economy will suffer a lot.
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