Pakistan
State Bank of Pakistan's foreign exchange reserves hit nine-year low
Islamabad: The foreign exchange reserves of the State Bank of Pakistan (SBP) touched a nine-year low figure of $3.678 billion during the week ended on Jan 20, media reports said.
The SBP on Thursday said that its forex holdings decreased by $923m during the week due to external debt repayments, Dawn News reports.
The government has practically surrendered to the IMF conditions for the revival of the loan programme amid fast-dwindling SBP reserves are even not sufficient to cover imports for three weeks.
More than 9,000 containers are stuck at the ports waiting to be paid for clearance. Also, ships carrying essential commodities including petroleum products, LNG and soyabean are awaiting payments but the empty-handed government is looking for inflows, the newspaper reported.
The government has met the key pre-conditions of the fund including a market-based dollar-rupee exchange parity and high-interest rate and is likely to impose 17pc general sales tax on diesel and petrol within a week.
Support Our Journalism
We cannot do without you.. your contribution supports unbiased journalism
IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.
Support objective journalism for a small contribution.
