Right now, the only sensible thing to do is to invest in gold. If u have any old investment left in real estate (not files) then hold it. If you have any foreign currency then do not convert. This is the time to dig deep and prepare to face tsunami.
Govt has just announced another amnesty scheme on inland and overseas property/assets. This will have a marginal effect given the experience of amnesty last year.
These are desparate times, lets hope and pray that it is over soon.
In 2008 most dynamic economy was left in free-fall by Bush, just like Nawaz left ours in 2018.
Even President Obama with help of most competent team of economist couldn't fix that economy overnight. It took him almost 8 years to bring it back up and growing again.
So there is no magic wand that Imran Khan has in his hand. Especially when rich haramkhorz of this country who want to rake billions and not pay a dime in direct income tax.
It will take years to overcome the blunders committed by Nawaz/Zardari during last 10 years.
Perhaps, all those who doesn't have the patience or not seeing enough ROI now should take their money, pack their bags and leave Pakistan.
** FACT 1: US economy under Obama 2009-2017
- Barack Obama in Office Jan 2009
- Global Recession: Mar 2008 to Aug 2009 (approximate Frame)
Post 2000, not a single instance where US economy suffered more than two consecutive years (24 months).
Evidence: US economy under Obama 2009-2017
https://www.economicshelp.org/blog/25420/economics/us-economy-under-obama-2009-2017/
** FACT 2: US Economy under G. W. Bush
" Real GDP grew nearly 3% during President Bush's first term but only 0.5% during his second term. A significant driver of economic growth during the Bush administration was home equity extraction, essentially borrowing against the value of the home to finance personal consumption."
Evidence: Economic policy of the George W. Bush administration
https://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration#Economic_indicators
Free Fall during Bush Tenure ???????
** FACT 3: Pakistan among countries with higher end of tax paying (Relative to Gross Income & Social Services Offered by State)
Each common Pakistani is paying Sales tax on each single product/service/commodity starting from morning tooth paste to post dinner green tea. Not a single item that is not covered under Sales Tax. INCOME, SALARY, SALE/PURCHASE etc. etc. tax in addition to that.
No second thought that Tax net to be increased but start with political/establishment elite!! In Pakistan its not tax, its a subsidy that is being collected from the poor to susidise the power corrupt elite!!
Evidence: Pakistan Sales Tax Rate - Sales Tax
https://tradingeconomics.com/pakistan/sales-tax-rate
** FACT 4: Devaluation is not an issue, only if, exports are increased and trade deficit is decreased. Not happening here.
China devalues its Yuan to increase exports and minimise trade deficit (if there is any)
Evidence: 3 Reasons Why Countries Devalue Their Currency
https://www.investopedia.com/articles/investing/090215/3-reasons-why-countries-devalue-their-currency.asp
*FACT 5: The ones who are in a position pack the bags and plan to leave will not GIVE SLIGHTEST DAMN to frustrated public forums. They will, as and when desired.
Evidence: *Common Sense
Ishaq Daar spills the beans. Says the govt has given written commitment to the world to increase dollar by 150 this year, 160 next year and 169 third year.
Let's sincerely hope that Munshi is lying to his teeth. Coze if he is not, then we are all DOOMED.
Watch full interview, and bookmark it for future reference.
https://youtu.be/g0_3LGlMCdc
(about devaluation from 11:40 onwards)
Goverment should put focus on NS and Zardari in order to get the looted funds back, otherwise bye bye PTI.
Lagta hey Youthion ka bukhar abhi nahin utra.
Isloo 1 sahib, i am a die hard supporter of immi, a man with beautiful mind, but i have a question
How much NS and zardari would have looted? They just spent 25% of budget where 20% was used in salaries to the employees...... why no one dare ask about the rest of 75% budget?
Let us think big
Ilyas, this is an interesting question indeed, instead of responding, let me ask another one. PSDP (development budget) is cut by 65%, where is it gone?
Follow the money trail, you will get your answers.
Cut the PSDP or cut the Defense spending. Even dumbest economist would had cut the PSDP.
Thanks to the record hole left by goons of PMLN.
The only front Imran Khan failed so far is to crackdown on rich elite class and collect at least 50-60% of direct income tax from them, regardless of where they made that money from.
Anyone making above 2 crore per year must pay 40-60% tax. Otherwise this country has no future for any of us.
@ Lagta hey Youthion ka bukhar abhi nahin utra.
Isoo 1 sahib, i gotta tell you something, the followers of the of immi are under 25( i am 40 :) ) and they have nothing to do with where the buck($) is going( they will understand currency devaluation once they get to 40....)(by the way maturity level in our country starts after 40)..... from where i see the vigor of the youths is increasing day by day.....
Ilyas Bhai, a small flashback from the past...
Exact thread on which we are writing now.
--------------
Dec 2018:
Imtiaz: "The USD/PKR rate can go up from 139.089 to 164.316 in one year."
121 Days ago
Ilyas: "It is laughable and shockable and poor MATHEMATICAL CALCULATIONS to suggest pakies to keep $ with the hope to earn with it..... We need to learn maths please......"
121 Days ago
--------------
Apparently anything beyond 139.01 post Dec'18 and pre Dec'19 verifies the prediction (first statement) to be correct (at unfortunate cost of PKR value)
@Ilyas wrote: "the followers of the of immi are under 25"
I disagree sir. A typical Youthia is independent of age factor. He or she is the one who has zero knowledge, zero information and yet insists that he/she knows everything. Repeats the "container sermons" with conviction and refuses to listen to any logic or opposing views, even for a second, and immediately labels you as "patwari".
Some of them even boost up this hyper-state of mind with Coke and Ice. But most of them remain in this state without any intervention.
Properties in all over the world. Lied about anything in open, in parliament, in court of justice. Looted billions in $ and now agreeing to pay back the people’s looted money back to the state!
Yes, the people who are asking to pay back their hard earned money, they are having” Zero” knowledge!
Zero knowledge of the ways of cheaters and looters and liars!
Long live patwaris, long live cheaters, long live looters, long live liars!
The whole papulation of Pakistan have zero knowledge that how it was manifested, how it was shifted outside the motherland.
Salam to the knowledgeable patwaris
Salam to the knowledgeable looters
Salam to the knowledgeable cheaters
For God's sake all, pls. dont ruin it once again for others and turn that into a crappy FB with lots of political frustration.
Be a considerate comonner/fellow forumer only and let Patwari, Youthia, Jiala, Matwala etc. be faces of political crap and a direct reflection of their political leadership that have cursed and in no time kissed MQM, PP, etc. JKT, Chaudry, CJs, Chiefs as per their political gains! All are same. Pls. keep your frustrations and inner reflections out of this forum...
A humble request to say the least.
Imtiaz sahib, i will, i was, and i have been against the idea of giving preference to buck ($) as compared to real estate...... this is what i will, i have been and i was calling poor mathematics.... This is my experience amigo....
i am saying the following to the best of my KNOWLEDGE AND BELIEF that
From 2007 to 2015 i earned X millions buck($) and i had not any such experience in paki property but i kept investing in commercial property in or around ISLOO ( islamabad)..... now the worth of that property is around 4 X millions buck($) in 2019 atleast ...... so on the basis of my experience, i would never ever recommend any bro to give preference to PAPER CURRENCY as compared to property...... thats why i called it poor mathematics.... it was never ever meant to hurt you or any body else..... i hope you would understand my position now that why i had used the word poor mathematics........
Imtiaz, I agree that USD shall be kept intact these months. Property prices are stagnant since months and even going down in places like DHA, Bahria. On the contrary, $ is soaring regularly and I dont see any rationale investing in property as current govt. Has no focus on restoring the real estate sector.
Imtiaz yaar, bohat ahtiat karta hoon lakin kisi ki dum par paon aa hi jata hey. Jub dil aur dimagh itney chotay hon to baat karna bhi mushkil hey.
Yeh lo, zip laga li, ab hansna bhi mana ho giya.
BTW, you stay quiet when they all team up. Kia yeh khula tezad nahin????
Dollar falls back to 142 in open market today.
Asad Umar rules out further rupee devaluation.
https://www.youtube.com/watch?v=TVah2A1Ep50
Back to the topic - Currency Devaluation.
Under current circumstances and historical track record, the guy to be least trusted on devaluation and economic matters is the current Fin. Minister and his Boss higher up. Here is why,
1. Blunders/Miscommunication
"ISLAMABAD: There seems to be a communication gap between the Prime Minister’s Office and the Finance Ministry, as the State Bank of Pakistan (SBP) governor had informed the finance minister about rupee devaluation well before time, contrary to what Prime Minister Imran Khan claimed on Monday."
"The miscommunication may now cost the central bank its independence."
"The PM’s desire to bring the central bank under his thumb is not only against the Pakistan Tehreek-e-Insaf’s (PTI) manifesto but also in violation of the SBP Act of 1956. The law gives autonomy to the central bank to determine the exchange rate policy."
2. SBP Sets the Exchange Rate
"The premier said he only came to know about the sudden increase in dollar’s value through the television, adding that the SBP took the decision without taking the government into confidence.
“I did not like the SBP decision. It should have delayed the move or staggered the deprecation,” said Imran Khan."
Seriously...? How can Fin. Minister say for sure about further devaluation, when he himself claims that its the SBP that sets the exchange rate.
The point is the guys still getting used to how the system works... with not much clue of the future policies. Tax net is another mess under the guys
Lets forget his claims on floor of the house about BRT, Petrol Subsidy, Gas Prices (when in opposition)
https://tribune.com.pk/story/1859648/1-asad-umar-notified-rupee-devaluation-advance/
https://www.dawn.com/news/1448575
https://www.brecorder.com/2019/04/05/486345/no-need-for-further-devaluation-of-rupee-says-asad-umar/
Sorry Imtiaz sb and other respected members.
When you come across some mentally dwarf species, you cannot hold.
But now I understand that "underanged species" are precious ones and they must be handled under special care!