KARACHI:
The depreciation of the Pakistani rupee has led to an increase in the prices of essential commodities, which has hit the low-income population the hardest. The cost of living is becoming unbearable for many. One of the main reasons behind the depreciating currency is the country’s current account deficit.
The government needs to focus on increasing exports and reducing imports to bridge this gap. Additionally, the central bank should take measures to stabilise the exchange rate and control inflation. Political stability can play a critical role in economic recovery. The political leadership must address socio-political tensions as well as work with other stakeholders to revive industrial activity and stabilise the Pakistani rupee.
Hareem Irfan
Islamabad
Published in The Express Tribune, June 9th, 2023.
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