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Shoaib Manso..
( 328 posts )

[46 Answers]
Wo wo wo....Today dollar reached at its all time peak at 109.50 (infact every single day its touching new peaks)... yesterday it was at 108.40... It is being widely speculated that by end of 2013 dollar will be equal to 125+.

My question to experts that is it currently advised (for at least 2 to 3 months further till dollar settled steadily) to sale out dollars for buying property for investment purposes only??

    2270 days ago In Where to Buy
    Post Reply
    PAKISTANI-1
    (3020 posts)
    Best Answer
    @ Shoaib - Yes you are right. We need to diagnose and treat the problem which is causing the rupee to crach. Personally, I am hoping the country’s economic managers will take necessary measures. Although I am abroad and my earning is in a solid currency but I am still praying that the rupee will stabilize very soon. This is because ultimately the future and fate of our investments and of our children depends on this country. If we can come back and live here only then can we enjoy our property.

    The steps that should be taken are:-
    number one (1) they must end bombings and restore peace in the country – without law and order, the rupee will keep sliding
    (2) bring peace to Karachi;
    (3) stop government spending on mega real estate projects or new cities or new airports and instead try to spend money on supporting export-based industries and better organize the agricultural farming sector;
    (4) try to promote value added packaging and export of food items by setting up dairy plants; packed frozen vegetables etc.
    (4) give priority in electricity supply to industry and agriculture NOT residential;
    (5) stop all cng supply to vehicles and give gas to industrial and manufacturing sector;
    (6) give priority to industry but at the same time make sure you collect full amount of tax from them and from agriculture;
    (7) tax rebate on export earnings;
    (8) try to gradually end all dependence on loans and IMF bail out packages.
    (9) Spend money on enhancing skills of young generation through IT training (instead of distributing free laptops) for getting good jobs abroad so that they go abroad and then send money back home.
    (10) Give certain privileges to overseas Pakistanis depending on how much foreign exchange they send home annually.
      2269 days ago 

      Irfan
      (1106 posts)
      It's really bad for the poor people of Pakistan. The price of every necessity would increase substantially. Surely rich people will gain much & it is advised for them to keep the US Dollars in hand rather investing somewhere else.
        2270 days ago 

        Shoaib Manso..
        (328 posts)
        Yes I am worried too much for the middle class and lower classes of our country who live hand to mouth with the monthly earnings... We on the other hand living abroad are not much effected with this but the thing is that income in-equality and mafia'ism in our homeland is alarmingly increasing day by day... And this recent dollar up hike has covert & silent backing from our govt., resulting from secret IMF deal. Otherwise any govt. Would surely jump in to counter its currency crash... It is crystal clear.

        Dilemma of our nation is as simple as a budget of one family. A family has a total income of 50,000 rupees per month and they don't want to reduce its expenses down from 100,000 then what will happen??? they have to take interest full loans every month from somewhere, and by the time for returning this "sood" they will keep on taking further interest full loans as they again really don't want to reduce their expenses. This is the simple reflective story of our country. Some might disagree but I don't see any big difference between.
          2270 days ago 

          SyedAmjad
          (642 posts)
          Rupee is under pressure because there is an IMF loan repayment of $140 million due on 27th September. I dont think rupee will fall to 125 by end of 2013, but 110-113 range seems possible. All countries around the world are allowing their currencies to depreciate to protect their trade interests. Indian rupee has fallen by almost 20% against the dollar this year. Pakistani Rupee has fallen by 9%. Some adjustment in rupee value was due so lets not be panicked.

          If you are thinking of converting dollar to rupees for investment, you should keep an annual return of atleast 11% in mind to conserve the value of your investment. Anything above that will be your profit.
            2270 days ago 

            PAKISTANI-1
            (3020 posts)
            The Rupee will fall but towards the end of the year it will start stabilizing when loan payments have been made and tranches of new loans are no longer used for previous repayment obligations. Then it is expected to remain stable for 1-2 years inshaAllah. Next year will be better inshaAllah.
              2270 days ago 

              Shoaib Manso..
              (328 posts)
              @ Syed Amjad

              So every time when there is loan repayment (as we taking more loans to return the older loans) rupee will be under pressure, so how you going to control this thing. The other side of the picture is not too much hopeful in the current near future i.e. Law and order situation, foreign investments have been declined to all time low due to this, energy shortages, fuel crisis, corruption & increasing inflation, situation in Karachi specifically... Without improving in all of these problems that we are facing I don't see any significant improvement in reducing our current account deficits and to get a right path of economic improvements.

              Of course being Pakistani we all pray and hope for the best of our country, but situation on the ground currently doesn't seem too much good.
                2270 days ago 

                Shoaib Manso..
                (328 posts)
                @ Syed Amjad

                So every time when there is loan repayment (as we taking more loans to return the older loans) rupee will be under pressure, so how you going to control this thing. The other side of the picture is not too much hopeful in the current near future i.e. Law and order situation, foreign investments have been declined to all time low due to this, energy shortages, fuel crisis, corruption & increasing inflation, situation in Karachi specifically... Without improving in all of these problems that we are facing I don't see any significant improvement in reducing our current account deficits and to get a right path of economic improvements.

                Of course being Pakistani we all pray and hope for the best of our country, but situation on the ground currently doesn't seem too much good.
                  2270 days ago 

                  Sheikh Abdul..
                  (1750 posts)
                  Any chance of pkr rate going to 200 by dec? what do people think? would it be worth converting dollar to rupees and then sell when rupees improve next year some time?
                    2270 days ago 

                    SyedAmjad
                    (642 posts)
                    Sheikh sb there are forecasts for the rupee to breach 200 against the Pound by Dec 2014, but not the dollar...there is no chance of that happening.

                    @Shoaib. I know the situation looks grim, specially if you are looking at things from overseas, but things will start to improve within a few months (economically). There are good forex inflows expected from a number of sources so the rupee will gradually stabilize. Most of the foreign investment we were getting wasnt positive for the economy, so its good that the speculators have fled. Good quality foreign investment will soon be visible.

                    The IMF has given the government a time window to clean up the economic mess created by years of mismanagment. In the short-term, yes it will be painful. Consider it like a surgery, its never a pleasant experience, but its benefits are longterm.
                      2270 days ago 

                      Shoaib Manso..
                      (328 posts)
                      @ SyedAmjad

                      May it be totally true what you said above...! but the thing with this continuous depreciation of already very weak currency, there will be a typhoon of uncontrollable inflation... And the majority of this country's middle class public will be victimized!
                        2270 days ago 

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