• After greenbacks, euros and pounds have also ‘disappeared’ from market
• Silence of friendly countries, IMF impasse driving market sentiment down
Despite proclamations of ‘all is well’ from the country’s financial managers, anyone who has recently tried to buy foreign currency will tell you that things are dire.
Dollars have disappeared from the open market, while a crisis in the inter-bank market has led to the stoppage of foreign payments. The country is unable to clear the dues owed to airlines or make payments for imported goods waiting at ports. Opening letters of credit (LCs) has become a challenge and transactions with the country’s foreign missions are also proving problematic.
The ascendant dollar is not a Pakistan-specific problem; according to Atif Ahmed, a currency dealer, the war in Ukraine has contributed to the strengthening of the US dollar….
