He further said that the monetary tightening and exchange rate depreciation resulted in higher inflation, public debt and debt servicing, The News International reported. Notably, the only other higher devaluation occurred following the falling of Dhaka and Pakistan's currency was devalued by 58% from ₹4.60 to ₹11.10 against the USD in 1971-72.įormer economic adviser Dr Ashfaque Hassan Khan said that there was a complete breakdown of economic policymaking as the country's fiscal policy had become subservient to monetary and exchange rate policies. This makes it one of the highest devaluations of the currency in the country's history. Import licenses, formerly common, have been abolished on all freely.
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