SBP’s forex reserves plunge to eight-year low at $5.8b
KARACHI – The State Bank of Pakistan’s foreign exchange reserves on Thursday further declined by $294 million to $5.8 billion — their eight years’ low — making it even more difficult for the country to repay its foreign debts.
Pakistan has been facing a crucial scenario as the reserves are not enough to service its huge foreign debt.
On the other side, Federal Finance Minister Ishaq Dar insists Pakistan will not default, the situation on the ground is not supporting his assertions.
Total liquid foreign #reserves held by the country stood at US$ 11.71 billion as of December 23, 2022. For details https://t.co/WpSgomnKT3 pic.twitter.com/cVUHF6ZBg9
— SBP (@StateBank_Pak) December 29, 2022
The central bank’s foreign exchange reserves have been persistently falling since the beginning of FY23. Analysts and experts paint a gloomy picture for the state of economy as they believe that the country is close to default. They are not simply ready to buy the finance minister’s statement on default.
In April, when the Imran-led PTI government was replaced by the Shehbaz-led PDM government, the reserves stood at $10.5bn as compared to $5.8bn on Dec 23.
Govt announces petroleum relief package for low-income people
Forex reserves to get another boost as Pakistan receives $500 million from Chinese Bank
LHC grants protective bail to Imran Khan in eight cases
Eight terrorists killed, two Pakistan Army troops injured in South Waziristan operation
Nestlé Pakistan kicks off tree plantation drive with commitment of 100,000 trees this year
Court reserves verdict on Imran Khan's exemption plea in Toshakhana case
Copyright ©2023. Reproduction of this website's content without express written permission from 'Daily Pakistan' is strictly prohibited.
