Safety of journalists
In the third world countries, the media is paying a high price for exposing truth. According to news reports, another Pakistani journalist was shot dead by unidentified gunmen in the Southwest Baluchistan province. The dead body of another kidnapped Pakistani journalist was discovered in Karachi last week. At least eight journalists have died in Pakistan since the beginning of 2011. Statistics released by the Committee to Protect Journalists said 42 journalists have been killed in Pakistan since 1992. According to the committee, Pakistan, Mexico, Iraq and Libya are still considered to be the most dangerous countries for journalists. In countries, where all political and sectarian groups have their own armed militias, due to the public awareness created by the media, everyone wants to present their points of view. Different talk shows have got wide public attention and journalists have become prime targets of militants, ethnic and sectarian groups. The government and militants — both want to pressurize the media. The killing of another prominent journalist Saleem Shehzad by powerful agencies in the country was highly criticized by local media. Militant groups also issued their own guidelines for the media, which they want to use for propaganda purposes. Journalists are working on dangerous assignments without any protection in areas bordering Afghanistan. Even the Pakistani government has not been able to penetrate the tribal areas, where the presence of local media has ensured a regular flow of news for the rest of the world.
Khawaja Umer Farooq
Jeddah
Falling rupee a cause of concern
The depreciating rupee against the US dollar is something less to cheer and more to worry about for the Indian expatriates. Obviously, a falling rupee is good news for expatriates but certainly not for the economy back home; it will fuel inflation to record levels. However, a weak rupee has always induced a false sense of joy among the Indian expatriates as their life revolves around the exchange rate without bothering to know the reasons or implications of a falling currency and its impact on the economy where the money is sent.
Why is the Indian currency witnessing such value erosion? That too against dollar, which itself was sliding to its lowest. The rupee depreciation has been mainly on account of a high current account deficit (CAD), which is caused by higher quantum of imports and services in value terms as compared to exports. The depreciation in value of the rupee, according to foreign exchange dealers, has been due to strong capital outflows. On account of sell-off stocks by FIIs (foreign institutional investors), who being wary of riskier equity assets found the US dollar a safer haven. Thus, the free fall in the currency and the stock market was caused not by any intrinsic weakness of the Indian economy but due to the global risk aversion following the heightened uncertainty in the euro zone stemming from the fresh crisis in Greece.
How can an economic crisis in any part of today's globalized world have an impact on the economy of any other country? Clearly, although the rupee was already under pressure on account of India's widening CAD and investment-related concerns, the new development in Greece has led to fresh global risk aversion, which is putting additional pressure on the currency. Since inflation is comparably high in India at 6-7 percent versus 2-3 percent in advanced economies, the rupee depreciation of this degree was inevitable. If we are able to control the inflationary scenario, we can expect a decline in current account deficit in 2012-13. If we successfully address three key issues of managing inflation, fiscal deficit and current account deficit, stability would return.
The Reserve Bank of India (RBI) had directed exporters last week to bring 50 percent of their foreign holdings back home so as to increase the availability of the greenback in the market and thereby contain the pressure on the rupee. Therefore, the currency and stock market mayhem should not lead us to be delighted and enjoy the fabulous conversion rates, neither to panic as Indian currency would find its own level of stability as and when the euro zone crisis is resolved.
Dr. Israrul Haque
Jeddah
Letters to the Editor: Safety of journalists
