KARACHI – The foreign exchange reserves held by the Pakistan’s central bankhave further fallen by $592 million, touching the alarming level of$3,086.2 billion as the cash-strapped country has bent over backward torevive the IMF loan programme.
The reserves held by the commercial banks stood at $5,655.5 million as ofJan 27, 2023, making the total foreign exchange reserves as $8,741.7billion, leaving the country with less than one month of import cover.
The reserves held by the State Bank of Pakistan have been persistentlyshrinking since the beginning of the current fiscal year, leading torestrictions on the import sector.
A mission of the global lender is visiting Pakistan for last four days forthe ninth review of the loan programme stalled since September 2022 as theIMF wanted the South Asian country to meet the preconditions to securefunds.
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The country of over 220 million is battling the worst economic crisis inrecent times and is in dire need of foreign aid to cut its current accountdeficit besides having enough reserves to pay the debt.
