Pakistan New Currency Notes: Pakistan, which is already facing financial crisis due to depreciating currency and wrong policies of the government, is now going to issue new currency notes. The Central Bank of Pakistan has announced that it will soon issue new currency notes.
Pakistan New Currency Notes
Pakistan, which is already facing financial crisis due to depreciating currency and wrong policies of the government, is now going to issue new currency notes. The Central Bank of Pakistan has announced that it will soon issue new currency notes.
It is said that Pakistan is currently facing a cash crisis. The main reason for this is fake notes, the use of which is causing huge losses to the economy.
State Bank of Pakistan Governor Jameel Ahmed said the new notes will be equipped with international advanced security technology. It will use special security numbers and designs to modernize Pakistani currency.
Pakistan has been facing a major economic crisis for a long time and due to its impact its people are facing major problems. The pictures of plight and poverty are coming to the fore from time to time. Apart from this, the government of Pakistan was waiting for a financial assistance package from the IMF, which has been on the way in recent times.
Inflation has never been so high in Pakistan, rising fuel and food prices have made it difficult for a common man to even afford two meals a day. In early March there was a report from the Central Bank of Pakistan, which believed that inflation was now out of control. Inflation here has reached a 58-year high.
Due to debt repayments and import costs, the foreign exchange reserves held by the Central Bank of Pakistan have fallen below three billion dollars. This is such a small amount that it cannot cover even one month’s import expenses.
After months of negotiations, Pakistan was able to secure an emergency fund of $3 billion from the IMF. Allies like China, Saudi Arabia and the UAE have also helped to boost Pakistan’s foreign exchange reserves.
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