Categories: Economy

Pakistan’s foreign exchange reserves in a free fall– drop by $555 million in a week

<p>
<strong>Pakistan’s foreign exchange reserves has further fallen. According to the State Bank of Pakistan, the foreign exchange reserves held by the central bank stood at $7.83 billion as on August 5 down from $8.38 billion from the previous week. This is a fall of $555 million or 6.6 per cent on a weekly basis.</strong></p>
<p>
This will cause worry for the country's policymakers.</p>
<p>
The total liquid foreign currency reserves in the country, which includes net reserves available with banks other than the SBP, stood at $13.56 billion.</p>
<p>
Pakistan is hoping to get the much-needed financial assistance from the International Monetary Fund (IMF) by this month.</p>
<p>
“The situation is precarious though the IMF is expected to come to the country’s rescue,” an analyst told India Narrative.</p>
<p>
In January, it was $16,607 million.</p>
<p>
Pakistan’s military chief, General Qamar Javed Bajwa has also stepped in. Last month, Bajwa spoke to Deputy US Secretary of State Wendy Sherman on the issue.</p>
<p>
The Shehbaz Sharif government has implemented most of the recommendations thrashed out by the International Monetary Fund but sources said that there could be a few still pending. Pakistan Finance Minister Miftah Ismail has said that the IMF loan would come by August end though earlier he had expressed hope of receiving the package by June.</p>
<p>
<strong>Also read: <a href="https://www.indianarrative.com/world-news/china-rattled-as-pakistan-moves-closer-to-us-190270.html">China rattled as Pakistan moves closer to US</a></strong></p>

IN Bureau

Recent Posts

J-K: Encounter breaks out between security forces and terrorists in Bandipora

An encounter broke out between security forces and terrorists in the Ketsun forest area of…

16 mins ago

LG Ladakh inaugurates 4th LG Horse Polo Cup, Ladakh’s first Polo Stadium in Dras

Lieutenant Governor of Ladakh, Brigadier (Dr) BD Mishra inaugurated the 4th LG Horse Polo Cup…

2 hours ago

Last set of disengagement between India, China concluded on October 21, says EAM Jaishankar

India and China concluded the last lot of disengagement on October 21 and the implementation…

3 hours ago

Pakistan: Baloch activist expresses outrage over Mastung bomb blast

Baloch "pro-independence" leader Allah Nazar Baloch has expressed outrage over the recent bomb blast near…

3 hours ago

“Buddhism shows world how to counter sectarianism”: President Droupadi Murmu at Asian Buddhist Summit

President Droupadi Murmu graced the first Asian Buddhist Summit, organised by the Ministry of Culture,…

5 hours ago

Pakistan: Teachers agitate over non-payment of salaries for eight months

The Khyber Pakhtunkhwa government has failed to pay the salaries to teachers of non-formal girls'…

5 hours ago