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| Topic: |
History
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| Number of pages / Number of words: |
4 / 1117 |
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Under Mr. Shaukat Aziz, Rupee stayed stable till October 2007, because our Reserves $16.4 billion EXCEEDED our Trade deficit of $12.53 billion.
In 2007, when international oil prices reached an alarming level of around $90 per barrel, predicting to exceed $140 per barrel, it hurt the Imports bill of many developing countries, by increasing the trade deficit...
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The experienced Mr. Shaukat Aziz gauged this situation and immediately started monitoring & controlling individual sectors that were importing. He allowed imports only in sectors that were export specific. His efforts resulted in decreasing our Import bill by 6.53% by September 2007 (one month before he left)...
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