KP Minister Shaukat Yousafzai again landed in hot waters after he claimed dollar hike is beneficial for the country in the long run.
The video is a short clip in which the minister can be heard referring to the hue and cry following the hike in the value of the dollar. Without referring to any specific foreign transaction he said that the people with less knowledge do not know that the dollar hike is beneficial for Pakistan.
“We have an edge over the rising dollar rate [in the country] because its cost has increased by Rs3 billion and we can save up to Rs3.75 billion since Pakistan has to pay back in rupees, not in dollars… therefore, we do not have to spend anything from our pockets,” the minister can be heard saying in the video.
KP Minister also added that a needless confusion is stirred on the matter.
Though the context of the minister’s assertions is unclear; social media went into overdrive after Yousafzai’s video made rounds on Twitter.
A score of citizens mocked Yousafzai for formulating a bizarre economic theory of declaring the depreciation of the currency beneficial for the country.
A few social media users speculated that his particular statement of declaring a dollar hike in favor of Pakistan is in the context of the increase in exports. According to an economic principle, a depreciation in the country’s currency can propel the increase in its exports; the country’s goods become cheaper internationally and gain a competitive edge over international competitors.
Non stop comedy by professional comedians
KPK Information Minister Shaukat Yousafzai again ‘landed in hot waters for commenting “increase in dollar rate would ultimately benefit Pakistan”.https://t.co/Zgw0RNxJLT
— Khalid Saifuddin (@KhalidSaifuddin) November 27, 2019
Netizens, however, recalled his previous statement of advising people to use yogurt instead of tomatoes for cooking during the fiasco of the tomato price hike.
He backed his advice with a demand-supply mechanism. Adding that the price of the commodity will go up due to high demand and low supply. Prices of the commodity will come down if people stop using the commodity completely for a brief time.
He said people must stop using tomatoes and use yogurt instead till the price of the commodity scales down.