2020 has been the toughest economic year for Pakistan as dollar slumped by Rs9.75, climbing it to the record high level.
Coronavirus and lockdown had restricted the economic activities, while prices of imported items multiplied. This also helped dollar to strengthen against Pakistani rupee, which devalued the local currency. Albeit, after trading at Rs169, dollar has started losing against PKR. In the end of the last year, dollar soared by Rs16.10 to reach Rs155.
After this trend, the State Bank of Pakistan launched Roshan Digital Account Programme, under which the overseas Pakistanis could send money to the accounts directly from abroad. So far, 130 million dollars have been deposited in Pakistani economy through this facility.
Central leader of All Pakistan Currency Dealers Association Zafar Paracha said that the dollar rate had reached to Rs169.
The last year, the national foreign exchange reserves had risen to 20.24 billion dollars, out of which the central bank held 13.11 billion dollars.
On the other hand, in 2020 a new record of 11.2 million dollar remittances were sent in one day through Roshan Digital Account.
This may be noted that Mody’s also declared Pakistan’s outlook as positive in the previous year.