US one hundred dollar notes are seen in this picture illustration taken in Seoul on February 7, 2011. — Reuters
The State Bank of Pakistan (SBP)-held foreign exchange reserves dropped to $4.2 billion as the cash-strapped nation fails to secure external financing despite attempts to resume a stalled bailout programme.
In its bulletin, the SBP said its reserves have fallen $119 million as of the week ended May 19, and currently stand at $4.19 billion, with Arif Habib Limited saying the reserves would provide an import cover of less than a month.
The net foreign reserves held by commercial banks stand at $5.53 billion, $1.34 billion more than the central bank, taking the total liquid foreign exchange reserves to $9.7 billion.
