The foreign exchange reserves held by the central bank decreased by 22 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On January 6, the foreign currency reserves held by the SBP were recorded at $4.343 billion, down $1.2 billion compared to $5.576 billion on December 30. The foreign exchange reserves held by the central bank are at their lowest level since February 2014.
The SBP said in a statement that the decline in reserves on a weekly basis was due to external debt repayments. The central bank’s reserves are sufficient for import cover of less than one month.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $10.187 billion. The net reserves held by banks stood at $5.845 billion, registering a decrease of $1 million during the week.
No worries like always this PM is also on begging visit. At least he didn’t claimed he will rather die than asking for money like Imran did.