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.
Today s currency exchange rates in Pakistan – Dollar, Euro, Pound, Riyal rates on December 30, 2022
