Inflation in the country has reached a record high of 10.74%
Inflation in Pakistan, reaches 8-year high in FY20: Islamabad, July 26, 2020 (PPI-OT): Inflation has reached an eight-year-high, with the country's inflation rate reaches a record high of 10.74 percent. Inflation has reached an eight-year high during the two-year rule of the Pakistan Tehreek-e-Insaf (PTI). According to the details, the inflation rate in the country reached the highest level of 10.74% due to the increase in debt.
After 68 years, Pakistan has seen a negative GDP growth, negative tax revenues and a 40 percent increase in debt, while inflation and unemployment have skyrocketed. Similarly, after 23 years, negative tax revenue was recorded. Mafia looting of flour, sugar, medicines, and food items has led to skyrocketing prices in the country, and unemployment and poverty have skyrocketed.
Gold has become out of reach of the poor and middle class citizens. The price of gold per Towel has reached a new high of Rs. 120,500 in the history of the country. The price of pure gold continues to rise in barter markets and markets. On the other hand, the rupee strengthened against the dollar last week thanks to new loan agreements between the government and international institutions, and an increase in foreign exchange reserves.
With the opening of new Letters of Credit (LCS) on the first day of the business week, the value of the dollar, though reaching Rs 168.87, continued to decline after fluctuating in the subsequent sessions. During the week, the dollar depreciated in the inter bank market and rose in the open market, but in contrast, the euro and the pound appreciated in both foreign exchange markets.
"Inflation in Pakistan reaches 8-year high in FY20"
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