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Rupee depreciation: CJP expresses concerns, directs NAB to probe rising utility bills

Rupee depreciation: CJP expresses concerns, directs NAB to probe rising utility bills

ISLAMABAD: Chief Justice of Pakistan (CJP) Mian Saqib Nisar on Wednesday expressed his concerns over economic problems plaguing the country especially rising inflation and depreciation of the Rupee.

The CJP also directed National Accountability Bureau (NAB) to probe rising utility bills.

Earlier in the day, the Federal Investigation Agency (FIA) took notice of the steep decline in Rupee’s depreciation against the US dollar.

The notice was taken by FIA Director General Bashir Memon, directing to initiate a crackdown against hundi and hawala system involved in transfer of foreign exchange.

According to reports, upon Memon’s directives, teams have been constituted in all provinces over the matter which will initiate the crackdown from Wednesday night.

Meanwhile, Pakistan Peoples Party (PPP) leader Khursheed Shah said that the stock markets has been suffering since former premier Nawaz Sharif’s ouster. “There has been a loss of billions in the last two months and people have gone bankrupt,” he said. “There is a dangerous level of pressure on the economy,” he added.

The PPP leader also critcised Prime Minister Imran Khan. “Imran used to say that he would rather commit suicide than approach IMF and today people are laughing at his non-serious statements.”

“70 per cent of PM Imran’s team is made up of Musharraf’s cabinet members. A party considered dangerous for the country has been given ministries but if Muttahida Qaumi Movement (MQM) is not part of the alliance then the government will collapse,” he elaborated.

The rupee weakened by 10.24 per cent against the dollar in the inter-bank market, touching an all-time low of Rs 139 on Tuesday. The rupee eventually closed the day at 133.6431 against the dollar in the inter-bank market, declining by Rs 9.371 or 7.542 per cent, according to the State Bank of Pakistan (SBP).

The sharp decline in the value of the Rupee comes as the country prepares to approach the International Monetary Fund (IMF) for a bail-out package.

“The market is aware of the overall macroeconomic conditions and based on those conditions, they are having their own expectations about the exchange rate, so that is driving (the rupee valuations) currently,” said State Bank of Pakistan (SBP) spokesperson Abid Qamar.