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The State Bank of Pakistan (SBP)-held foreign exchange reserves fell by more than $300 million to break a six-week winning streak as the nation struggles to secure external financing for avoiding a possible default.
The central bank, in its weekly bulletin, said that its foreign exchange reserves have decreased by $354 million to $4.2 billion as of the week ended March 24, which will provide an import cover of less than a month.
The net forex reserves held by commercial banks stand at $5,571.6 million, $1,327.3 million more than the SBP, bringing the total liquid foreign exchange reserves of the country to $9,815.9 million, the statement mentioned.
More to follow…
