Governor SBP says surge in dollar price is good for people

State Bank of Pakistan (SBP) Governor Reza Baqir is under heavy criticism after saying that surge in dollar price and depreciation of Pakistan rupee is good for many people in the country. The SBP Governor is under fire on social media after his recent remarks during a press conference in Manchester on Wednesday.

SBP Governor, Dollar Price, US Dollar, PKR, Pakistan Rupee — Governor SBP says surge in dollar price is good for people.

During the press conference, the SBP Governor Reza Baqir said that the sharp depreciation in the Pakistan rupee (PKR) and the surge in dollar price might be hurting some people but it is also benefiting others, such as those who receive remittances from abroad.

According to the SBP Governor, these people now get more money because of the low exchange rate. However, the statement has landed him in trouble on social media as people point out the inflation and negative impact on prices of essential commodities from surge in dollar price.

Presenting to you … Ladies and Gentlemen …

The Governor of the State Bank of (Overseas) Pakistan(is) pic.twitter.com/BvgwKLG3Fq
— omar r quraishi (@omar_quraishi) October 21, 2021

It bears mentioning that Pakistani rupee (PKR) has depreciated to its lowest point against the US dollar (USD) touching a record low of Rs. 173.96 against the US dollar (USD) on Thursday, according to the State Bank of Pakistan. Furthermore, the people in Pakistan are suffering from high inflation and price hike of essential commodities as well.

Interbank closing #ExchangeRate for today: https://t.co/wqpWAXJuPw pic.twitter.com/q7sdXoK9tu
— SBP (@StateBank_Pak) October 21, 2021

Netizens have taken to social media criticizing the SBP Governor over these remarks and reminding him that nobody is benefiting from the surge in price of US dollar since basic commodities are now more expensive in the country.

uffff i mean like wtf, what about the Pakistanis who r living here ? who voted for this govt ? who are suffering from rupee devaluation in the form of inflation, high prices 🤦🏻‍♂️ what exactly does this govt want ? shall we become overseas too ?
— Muhammad🌐 (@mcdurrani) October 21, 2021

Haha. A man of his stature saying this ? Lol. We are doomed. So 4 million overseas Pakistani benefitting and 180 million loosing the game, is a good game ?? This government was made for overseas Pakistanis only. Lol
— Atta Rehman (@AttaRehmanpk) October 21, 2021

Who doesn't differentiate between devaluation and depreciation of currency really very pathetic situation and he is heading apex regulatory body of the state.
— Mazhar Muzaffar Awan (@mazharmuzaffar1) October 21, 2021

@fawadchaudhry @ImranKhanPTI What a disappointment? Quality of State Bank Governor.. what benefit it will do to overseas families when same ration and medicine will cost them 4 times more than previous quarter.
— Zeeshan (@zeeshanali38) October 21, 2021

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