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Finance Minister of stooge regime of PPP, Dr Abdul Hafeez Shaikh on Tuesday told the Senate that Rs 263 billion currency notes were published from June 30, 2010 to February 15, 2011, showing a year-on-year growth of 19% ! The finance minister said that Rs 153.750 billion currency notes were printed during the fiscal year 2009-10 resulting in reduction of financial intermediation. He in a written reply informed the Upper House of the Parliament during the question hour that issuing of currency notes also resulted in increased currency in circulation.
He said that currency to deposit ratio had been increased to 33% from 29% on February 2011. The prime reason for this increase in currency in circulation is heavy govt borrowings from State Bank of Pakistan for budgetary support, he added.
We are ringing the danger alarm at this point in time for each and every Pakistani because a tsunami like recession is about to hit Pakistan since we are still holding all our foreign exchange reserves in USZ Dollar. History testifies that every economy which had tried to bail itself out by printing more money, has ended up in catastrophe.
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