Business
SBP forex reserves plummet to lowest level since April 2014
- Lack of foreign assistance put a heavy dent in reserves.
- Overall liquid foreign currency reserves stand at $12 billion.
- SBP cites external debt repayments as reason behind this decline.
The State Bank of Pakistan’s (SBP) foreign currency reserves have dropped to levels worth just eight weeks of imports, their lowest since April 2014, central bank figures showed on Thursday.
In a statement, the central bank said the foreign currency reserves held by the SBP were recorded at $6,116.2 million as of December 16, down $584 million compared with $6,700 on December 9.
The drop means the reserves have fallen further from last week’s barely 1.5 months of import cover, even as it battles decades of high inflation and scrambles to secure International Monetary Fund (IMF) funds.
Overall liquid foreign currency reserves held by the country — including net reserves held by banks other than the SBP — stood at $12,000.1 million.
Net reserves held by banks amounted to $5,883.9 million. The central bank cited external debt repayments as a major reason behind this decline.
Pakistan has recently been battling to stave off a balance of payments pressures due to dwindling foreign currency reserves and a widening current account deficit.
The lack of foreign assistance amid delay in the revival of the IMF programme in the presence of a higher trade deficit and increasing foreign debt payments put a heavy dent in the reserves.
The ninth-review talks have been delayed apparently due to Fund’s criticism over an increased fiscal deficit.
The government is unwilling to impose more taxes for higher revenues, while the IMF insists the government must consolidate the economy.
Moreover, Pakistan’s rupee has shed nearly 26% since the start of the year, hitting its weakest level on record in September, due to falling reserves and the higher import bill.
Business
Irfan Siddiqui meets with the PM and informs him about the Senate performance of the parliamentary party.
Iranian President Offers Condolences for Kurram Terrorist Attack
It’s unfortunate that political points were scored. Claims Against Saudi Arabia Show a Desperate Attitude: Dar
Examining Drug Mafia: Balochistani Smuggling Operation Started
Barwaan Khiladi: Kinza Hashmi discusses her role as Alia
Bannu Cantonment Board CEO Bilal Pasha ‘commits suicide’
Snap launches tools for parents to monitor teens’ contacts
Learn First | How to Create Amazon Seller Account in Pakistan – Step by Step
Sajjad Jani Funny Mushaira | Funny Poetry On Cars🚗 | Funny Videos | Sajjad Jani Official Team
Pakistan Reaction On Huge Win Against India | Pakistani Celebs Celebrate World T20 Cricket
-
Latest News3 days agoThe Supreme Court rejects SIC’s request to be recognized as a parliamentary party.
-
Uncategorized3 days agoPakistan will begin a full-scale military campaign in Balochistan to combat terrorism.
-
Latest News3 days agoTwelve security personnel were killed in the attack on the Bannu checkpoint.
-
Latest News3 days agoPakistan and Saudi Arabia have reached an agreement to implement a prisoner exchange arrangement.
-
Latest News3 days agoSix militants were killed and twelve Army personnel were slain in the Khawarij attack on the Bannu checkpost.
-
Latest News3 days agoPTI representatives conjecture in the media over Imran’s approval of bail: FIA investigator
-
Entertainment3 days agoAryan Khan’s Netflix debut web series is announced by Shah Rukh Khan.
-
Business3 days agoThe Pakistan Stock Exchange hits a record high as it approaches 97,000 points.