Worsening by the hour
October 8, 2008 NOTWITHSTANDING the reassuring observations of State Bank Governor Dr Shamshad Akhtar about the state of the country's banking sector and her firm hope that it would be able to overcome the liquidity crunch that, she believed, had been caused by withdrawals on Eid, the over-all economic situation by any count seems to be worsening by the hour. The continuing and rapid fall in of the rupee in relation to the US dollar, the dwindling foreign exchange reserves, that now stand at $8.1 billion, and the apprehensions about sugar crisis in the offing clearly point in that direction.
