Last year, when the entire city of Karachi was submerged in rainwater, a statement by PPP chairman Bilawal Bhutto Zardari, “When it rains, water comes, when it rains more, more water comes” went viral. His remarks were widely ridiculed and strongly condemned. Now, as the value of the dollar continues to rise against the rupee, the question arises in the minds of the people: “When the dollar is expensive, overseas Pakistanis benefit.
When the dollar is more expensive, Overseas Pakistanis benefit more, ”the governor said, referring to the appreciation of the dollar against the rupee in the UK. It also benefits. This statement of the Governor SBP was ridiculed as much as the statement of Bilawal Bhutto Zardari about rain and water because the truth is the opposite. I have asked all the Overseas Pakistanis, “Do they really benefit and are happy with the appreciation of the dollar against the rupee?” So their answer was in the negative. did not come.
The overseas working class, who can barely afford to send a few hundred dollars a month to their families, says that where the rupee depreciates against the dollar, their remittances to Pakistan A few hundred dollars are converted into thousands of Pakistani rupees, while due to the devaluation of the rupee, inflation in Pakistan is increasing day by day.
Rising commodity prices, electricity bills, petroleum product prices, transport fares, and school and college fees negate this benefit. Overseas Pakistanis then have a large number of working-class people living in countries that do not give them their citizenship in any way, so no one can buy property in such a country and no one can do business, so they All earnings and accumulated capital are sent to Pakistan and the value of the assets it makes in Pakistan also decreases with the depreciation of the rupee. After all, this working class has to work a little all its life, the last days of their lives depend on these assets.
People do not pay taxes
The depreciation of the rupee probably affects the capitalist class the most. Especially those overseas Pakistanis who have earned good money abroad by working hard but in the love of homeland they invest in Pakistan or buy property.
They not only invest themselves but also their relatives invest in Pakistan. But when they calculate their total profit after investing so much, the depreciation of the rupee against the dollar forces them to think that we have to buy property outside Pakistan or Why not just start a business?
When I talk to Pakistanis living in Canada about this, they regret why we sent millions of dollars to Pakistan instead of investing in the real estate business in Canada, because the real estate business in Canada is growing twice a day and four times a night. However, the investment in Pakistan has fallen short of its original value due to the depreciation of the rupee, which is why the majority of overseas Pakistanis have now repented of their heavy investment in Pakistan.
Foreign companies and investors operating in Pakistan also face the same problem that the depreciation of the rupee affects their profit margins which makes even new companies think that we need to invest in Pakistan. Should work or not. Therefore, it is not necessary that the appreciation of the dollar not only benefits the overseas Pakistanis but also hurts them.
The most important thing for any business person or capitalist is continuity, which he does not get due to the constant depreciation of the rupee, sudden and frequent rise in the value of the dollar, and inflation and losses to the common man. Has to endure is separate. Because of rising inflation, the income of the common man is also severely affected.
Before coming to power, whenever the value of the dollar rose against the rupee, Imran Khan and the rest of the PTI leadership would first say in their press conferences that the rising value of the dollar increases inflation in the country, our debt.
It becomes more, petrol becomes more expensive and so on. Now in the same Imran Khan and PTI government, the dollar is talking from the sky. During his tenure, one dollar has gone up from Rs 128 to Rs 175. If all your savings were in rupees, the total value of your assets has declined by 35% in the last three years.
Determining the level of the dollar is no longer easy, as it now involves a number of factors beyond the IMF’s terms, but it is also important to keep in mind the continuity of policy and the convenience of the people. It has taken us on an economic roller coaster in those three years. First, the economy was badly suppressed, then the idea of growing the economy came up, and now the economy is being suppressed again. Our economic policies must be long-term and sustainable to take the country forward in a real sense
Not based on short-term and political pressure. At a time when the people are being crushed by inflation and the rupee is depreciating against the dollar, it is needless to say that the appreciation of the dollar benefits overseas Pakistanis. The majority of the country has to make a living by living in Pakistan and they have to suffer from the depreciation of the rupee and they may have to suffer until our government introduces long-term economic policies.