26/01/2023
1 Dollar is now equal to Rs. 255
Credit goes to the people of Pakistan who are buying dollar as investment.
Credit goes to investors of Pakistan who are either investing in real estate of Dubai through drainage of dollar from Pakistan or prefer to invest in local real estate instead of investing the same in trade, commerce or industry/manufacturing wherein local work-force could be engaged/employed.
Credit goes to the dummy/ghost/benami importers (almost 40% of total imports) who make payments through hawala and caused increase in dollar value in local market.
Credit goes to exporters who make exports of 60 billions but declare the same up to 30 billion and retain the rest which is utilized by hawala hundi handlers abroad.
Credit also goes to expatriates who, in order get few more rupees, handover forex to hawala/Hundi handlers abroad to remit the same to their Families in Pakistan such hawala handlers help benami importers as well those who short declare import value in import GDs, commercial invoices and pay the rest through hawala handlers abroad.
Little credit goes to importers of coal from Afghanistan who handover local currency to Afghanis who then buy dollars from local forex dealers and smuggle the same to Afghanistan.
Major credit goes to the importers and manufacturers who sell old stocks at new prices coupled with families of expatriates in receipt of remittances and get the courage to say "we can't compromise over quality thus cannot buy local/indigenous goods because we got the money equivalent to the increase in forex".
Credit goes to free trade agreement with China who helped us close local medium sized and cottage industry and made our labor force unemployed forcing them to commit street crimes coupled with fraud and robbery.
Credit goes to the trade policy through which dollars earned through export of textiles were given to importers of Chinese finished goods including toothpicks, earbuds, plastic goods, toys, decoration stuff, car/mobile accessories, confectioneries, copies, rubber, pensile and other stationary goods,, cosmetics/personal hygiene, toys, tiles, bath/kitchen accessories, electrical home appliances, cutlery, fabrics, garments, shoes etc and for import of oil & gas, edible oil, tea, lentils, raw material etc dollars were obtained from IMF.
The rest enjoys effects of deteriorating forex reserves specially the salaried class whose employer doesn't want to pay them according to augmentation in forex parity.
Moral of the story
Those who don't compromise over quality of local goods have to compromise over rising prices, low salaries, influx of Chinese goods, unemployment, increase in crimes, depleting forex reserves, meagre resources for security forces, increase in prices of agricultural produce and decline in purchasing power of the masses.
Credit goes to the policy of entire Nation for following the phrase " we can't compromise over quality thus can't buy local goods".
Credit goes to my Nation for its odd behavior compared to rest of developed world who gives first preference to indigenous products and services.
230 countries of planet earth are watching us and learning lesson so much so that it would be taught to little kids in school as to how a nation collectively deteriorates its own economy while blaming the government for non-correction of behavior of entire Nation.
It would be taught that a Nation did not like the phrase "Made in Pakistan" and how it faced repercussions of its collective behavior.
Be mindful that all Chinese finished goods are being imported out of dollars obtained from IMF and our children would have to pay of the dollars which are being spent by us on Chinese finished goods. Our shops and bazaars are full of Chinese goods because of demand created by us and only reduction of demand from our side can forestall such importers from consumption of dollars obtained from IMF.