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Economy-Backdrop<br />
(Cont…)<br />
As a result:<br />
– The fiscal deficit rose to 7.6% in 2007-08<br />
– The current account deficit surged to a record<br />
8.5% of GDP;<br />
– Inflation touched 25% at its peak, in August<br />
2008;<br />
– SBP’s foreign exchange reserves depleted from<br />
$14.2 billion in October 2007 to $3.4 billion<br />
October 2008 (One month import cover)<br />
– Rupee lost 22% of its value between March and<br />
October 2008<br />
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