Sehar Timings Mar 29 - Ramazan 18

Lahore
LHR
04:36 AM
Karachi
KHI
05:12 AM
Islamabad
ISB
04:38 AM
Peshawar
PWR
04:42 AM
Quetta
QTA
05:07 AM

News

Shehbaz scorns govt, State Bank over interest rate, rupee slide

March 28, 2020 05:13 PM


PML-N president Shehbaz Sharif on Saturday expressed his serious concerns over the latest depreciation of rupee and said the government and the State Bank had failed miserably in managing the economy.

In a statement, Shehbaz said the government policy will further increase the economic burden on the poor in the existing crisis, adding that the ruining of economy would cause more destruction than the coronavirus.

He said the cut in interest rate by the State Bank twice in a week was a proof of its policy failure.

Shehbaz, who is also the Leader of Opposition in the National Assembly, said they had already warned about the policy’s destructive consequences, but the State Bank first slashed the interest rate from 13.25 percent to 12.50 percent and later from 12.5 percent to 11 percent.

It showed that the two cuts in the interest rate were not enough, he said, adding that the rate should be reduced to at least 9 percent.

Shehbaz noted that the current account deficit was almost zero because of the reduction in imports and oil prices.

The PML-N president also mentioned that they had warned about the threat posed by the “hot money”, adding that the dependence on the hot money and the government’s incompetence had added fuel to the fire.

The government, he said, was supposed to provide relief to the people but instead it had been tightening the noose around their neck.

Shehbaz said the government would have to make the right decisions showing seriousness and wisdom, as the wrong decisions taken at the wrong time could trigger devastating consequences.

https://www.youtube.com/watch?v=pOavNaBX4NU


Most Read

  1. Man murders young sister by smothering her with pillow in Toba Tek Singh Man murders young sister by smothering her with pillow in Toba Tek Singh
  2. Aitchison College students, parents stage protest against principal’s resignation Aitchison College students, parents stage protest against principal’s resignation
  3. Five Chinese among six killed in Shangla suicide bombing Five Chinese among six killed in Shangla suicide bombing
  4. Maaz Safder regrets 4-year relationship with wife Saba Maaz Safder regrets 4-year relationship with wife Saba
  5. Sahiba meets her father for the first time Sahiba meets her father for the first time
  6. Four terrorists killed as attack on Turbat Naval Base thwarted Four terrorists killed as attack on Turbat Naval Base thwarted

Opinion

  1. IMEC to sabotage CPEC
    IMEC to sabotage CPEC

    By Dr Asif Channer

  2. 1947 TO FORM 47
    1947 TO FORM 47

    By Dr Asif Channer

  3. Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....
    Beijing wants to further highlight industrial sector in its country and take scientific innovation to new heights....

    By Ali Ramay

  4. Global race: China will reduce its unnecessary expenses
    Global race: China will reduce its unnecessary expenses

    By Ali Ramay

  5. Channer Pir: The Great Saint of Cholistan
    Channer Pir: The Great Saint of Cholistan

    By Dr Asif Channer

  6. Literate the Religious Illiterate
    Literate the Religious Illiterate

    By Dr Asif Channer