Pakistan’s overseas remittances dropped by 6.6% during November 2021, as the exchange rate of the country also continues to obstinately drop against the US dollar over the last two months.
In spite of claims by Pakistan’s monetary managers that the exchange rate would rise in two ways, the rupee is continuously declining against the dollar. The rupee got denigrated from Rs 152 against the dollar to Rs 180 in the last few months.
Besides, the country’s transfers observed negative progress at $2.35 billion in November 2021 against $2.51 billion in October 2021.
Turkey’s Lira has attained considerable retaliation immediately at a time when President Erdogan exposed a new financial mechanism to shore up the declining currency.
In just less than 24 hours, Turkey’s Lira has expanded more than 30% against the US dollar, proving to be the largest rise since 1983, as informed by Turkey’s media outlet.
On Tuesday, the Lira/dollar exchange rate declined to 11.2248 as of 9.30 local time (0630GMT), afterward it attained nearly 40% against the dollar since Monday evening.
Tayyip Erdogan Turkey’s President on Monday stated the new gadget would permit potential stockholders in foreign currencies to acquire the same consequences whereas stabbing to the Lira.
Erdogan remarked the sequences of stages will comfort loads from a currency crash over the previous few weeks and inspire the Turks to hold Lira savings rather than dollars.
Moreover, the new actions come in the wake of increasing prices and exchange rates as the government follows its “new economic model,” which highlights hostility to high interest.
Though, in the situation of Pakistan, the country had procured allowances to the tune of $29.4 billion in the financial year 2020-21 against $23.3 billion in the last fiscal 2019-20, demonstrating that the county received extra remittances of about $6 billion in the wake of COVID-19 pandemic.