Source: ET:
It seems that bad ideas never truly die in Islamabad. There is a notion among both politicians and bureaucrats that the economy can simply be forced by fiat to behave the way the government wants it to. The latest example of this mode of thinking is the government’s decision to arbitrarily restrict the amount of cash that Pakistanis are allowed to travel with abroad, reducing the amount allowed from $10,000 to $5,000, as if such a manoeuvre will somehow magically end the flight of capital from the country.
The Nawaz Administration is headed towards making exactly the same mistake it made in 1998 when it made the disastrous decision to freeze all foreign currency accounts in Pakistan. Instead of trying to understand what motivates people to move their money abroad, the government is simply trying to force them not to do so. It is the same old broken Islamabad strategy: treat the symptom, ignore the disease. And in this case, it is not even treating the right symptom. In case the government has not noticed, private individuals with foreign currency accounts in Pakistan have largely kept their money within the country, as evidenced by the stable foreign exchange reserves at private banks. The problem of falling reserves is mostly on the government side. So, it is unclear which problem the government is trying to solve.
The Nawaz Administration is headed towards making exactly the same mistake it made in 1998 when it made the disastrous decision to freeze all foreign currency accounts in Pakistan.
He is aught to make such mistake as he is same Mian which was in 1998. Learning through history or mistakes that too in Pakistan just forget it. Civil and military elite say “YEH KISS FAKHTA KA NAAM HAI” It is a unlimited vision less nation having similar leaders.
I had made the mistake to open a forgien currency account in pakitan thnking that my country needed FC and I must play my role. but, that Looting MIAN seezed all FC accounts breaking all the promies.It had hurt me so much and the pain I am feeling in my heart up to now is unexplainable.I could not and can not do any thing. He ruined our lives. ALLAH THE ALMIGHTY will sort out that LAHORY WOLF.
ALLAH SAVE PAKISTAN of the internal looters.