CURRENCY devaluation is recommended only in a situation when a country’s economy is export-driven like China’s where their exports surpass their imports. It should not be practised in a country like Pakistan where imports surpass exports. The depreciation of the rupee on March 20 will make all imported items much more costly and will put an added pressure on our already weak economy.

This is not a good sign for Pakistan’s economy as the rupee slide will prove a hard blow. It will cause inflation which will be catastrophic for the vulnerable —read poor — sections of society.

Prices will shoot up across the board for goods and services and the poor will be crushed even further. Only the currency dealers, money launderers and to some extent some exporters are happy with this development.

Who is going to compensate for the damage caused to people’s savings in banks? Why should the ordinary Pakistanis pay the price of wrongdoers and incompetent finance managers?

While we are at it, why cannot we immediately ban the import of Land Cruisers, Mercedez and luxury food items? Why are our current crop of leaders bent upon doing away with the legacy of our founding fathers?

Syed Ai Musa Zaidi
Rawalpindi

Published in Dawn, March 22nd, 2018