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Dubai: As the Pakistani rupee plunged against the US dollar, Pakistanis requested each other to “ditch the dollar” in hopes of strengthening their currency.
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Reports of the US dollar reaching an all-time high against the Pakistani rupee in the interbank market emerged earlier this month. As of May 24, the rate was at approximately Rs151 against the dollar.
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Soon after, netizens took to Twitter to express their concerns over the devaluation. Many started the trend “ditch the dollar” and #BoycottDollar. They urged Pakistanis to get rid of any US dollars they posses and exchange the currency to rupees.
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Prominent actor Hamza Ali Abassi, @iamhamzaabbasi, posted about the issue: “I don’t have a dollar account but my mother and sister have one. I am proud to announce that today they converted all the dollars into PKR [Pakistani rupees]. So, I request all of you to ditch the dollar and buy Pakistani rupee asap [as soon as possible] play your part in strengthening our currency!”
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User @HibaSalman19 also conveyed the same request: “Please do this. Somehow, we Pakistanis are our own worst enemies. Please ditch the dollar. It won’t get you anything #Rupee #PakistaniCurrency”
Tweep @DontMessWthM3 thought that citizens need to unite with the government to improve and restore the value of the currency: “#FinancialEmergency The government alone cannot strengthen or stabilise economy alone but it is also the responsibility of every citizen to support them in these critical times.”
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Speaker at the Khyber Pakhtunkhwa Assembly, Mushtaq Ghani, @MushtaqGhaniPTI, declared it a “financial emergency” in the country and urged all residents to invest in Pakistani products. Sharing a video message, he tweeted: “My message for the people of Pakistan regarding #BoycottDollar and boycott imported items, and urging my Pakistanis to use #MadeinPakistan items to decrease our dependence on the US dollar. #FinancialEmergency”
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Who is to blame?
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In the video of him speaking to the public, he said that a “proxy war” against Pakistan was in works and the devaluation of the rupee was part of it.
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However, there are those who blamed the Pakistani government for the issue and listed the series of economic plunges the country’s population has recently experienced.
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Twitter user @qadir5000 posted: “#Dollar has gone out of control, huge inflation is just looming over us. Tax amnesty scheme given, #Pakistan takes 13th IMF [International Monetary Fund] bailout package, no real legislative work done, no real reforms pushed. I’m starting to feel we are in a driverless car, heading towards a huge fall.”
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Tweep @KhurramHusain wrote: “Everywhere I go people are asking me about the exchange rate and the economy more broadly. I’m hearing stories of devastation from almost everyone I meet. But we knew all along that these days were coming…”
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Then there were those who questioned whether boycotting the dollar was an appropriate strategy.
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In response to Abassi’s tweet, @Imfarzanakausar posted: “Your family’s step to convert dollar account into Pakistani rupee is worth appreciating… but Hamza do you really think it is the solution to decrease dollar value?”
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