KARACHI – The foreign exchange reserves held by the Pakistan’s central bank have further fallen by $170 million, hitting to another low $2.916 billion amid ongoing talks with the International Monetary Fund (IMF) to revive loan programme stalled since September last.
The reserves held by the commercial banks stood at $5.622 billion as of Feb 3, 2023, making the total foreign exchange reserves as $8.539 billion, leaving the country with less than one month of import cover.
The State Bank of Pakistan (SBP), in a statement, said the forex reserves slipped further due repayment of a foreign loan. The reserves held by the central bank have been persistently shrinking since the beginning of the current fiscal year, leading to restrictions on the import sector.
A mission of the global lender is visiting Pakistan for the ninth review of the loan programme stalled since September 2022 as the IMF wanted the South Asian country to meet the preconditions to secure funds.
Earlier in the day, Finance Minister Ishaq Dar expressed hope that the matters will be settled with the IMF. He said the people will soon hear the good news.
