Political instability causing economic turmoil in country: Tarin

ISLAMABAD: Former finance minister Shaukat Tarin has said that political instability causing economic turmoil in the country, ARY News reported on Wednesday.

Tarin while commenting on free fall of rupee against dollar, said that the State Bank of Pakistan has refused to give dollars, currently the currency has been trading at Rs 227 in interbank market.

“Despite Miftah Ismail’s claims the market not showing trust on him,” Shaukat Tarin said. “Devaluation of rupee will result in price hike,” he added. The market is jittery and required restoration of confidence so as the situation returns to normal, he said. “The people have to pay the debt they have taken,” former finance minister said.

“Political instability resulting in economic turmoil, stocks are falling, while the dollar is gaining more strength,” Tarin said.

“Only solution of the situation is announcement of the election, so as the market feels the confidence that we are moving towards political stability,” he said.

After Punjab by-election results former minister had urged the government to announce election and bring a strong caretaker setup in the country adding that the election results have increased political instability in the country.

He called for a strong interim government having understanding of the market, “We have to move forward to end the political instability for economic betterment of the country,” he said.

He said that a situation of uncertainty will prevail till the new elections are announced.