Photo Credit: Reuters
NDTV: Pakistan Rupee Slumps To Record Low, Crisis-Hit Nation Seeks Bailout
Pakistans money exchange companies removed the limit on the dollar-rupee rate, and said they will let the local currency drop slowly in the open market.
New Delhi: Pakistan's currency fell to a record low of ₹ 255 against the US dollar on Thursday, according to local media reports. The tumble comes after the cash-strapped government relaxed its grip on the exchange rate to win much-needed loans from the International Monetary Fund (IMF).
Pakistan's money exchange companies removed the limit on the dollar-rupee rate from Wednesday, and said they will let the local currency drop slowly in the open market.
Read more ....
Update #1: Pakistan staring at loan default, economic collapse (Hindustan Times)
Update #2: Cash-strapped Pakistan's rupee plunges amid talks with IMF (AP)
WNU Editor: When US and allied forces were in Afghanistan, Pakistan was paid billions each year to be used as a gateway for weapons, aid, and personnel. This money disappeared when Afghanistan fell to the Taliban, and it is looks like that shortfall of money is finally coming home to roost for Pakistan.
Comparisons to Sri Lanka are also now being made .... Is Pakistan going to default on debt servicing like Sri Lanka? (Devsdiscourse).
3 comments:
Another shithole bites the dust, hopefully
The US gave Pakistan a lot of aid from 911 until we withdrew form Afghanistan. Pakistan nonetheless fucked us in the ass. Said ass fucking was kosher, I mean Halal, since they are Muslim and we are not.
So we took our marbles and went home, because were not going to win in Afghanistan if Pakistan was stabbing us in the back and supporting the Taliban and Haqqani network.
Having left Afghanistan we no longer needed an expensive double dealing ally, so no more foreign aid for Pakistan.
So Pakistan cannot maintain it Air Force. They cannot get or afford spare parts. Their economy is crap. They treat Hindus and, Christian like crap.
If their missiles and nukes do not work they will have to play nice with the Indians Maybe the Indians will have to come to Pakistan's rescue, if the Taliban and Pakistanis mix it up. The Taliban have 90 billion dollars of war material bequeathed to them form Resident Biden
uh okay daisy
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