Amid the country’s ongoing struggle to obtain external financing and resume its stalled bailout program, the State Bank of Pakistan’s-held foreign exchange reserves have dropped to $4.2 billion.
According to the SBP’s bulletin, as of the week ended May 19, the reserves decreased by $119 million, resulting in a total of $4.19 billion. Arif Habib Limited disclosed that the current reserves would provide an import cover of less than a month.
Meanwhile, commercial banks’ net foreign reserves are standing at $5.53 billion, $1.34 billion higher than the central bank. As a result, the total liquid foreign exchange reserves amount to $9.7 billion.
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