Pakistan foreign exchange reserves drop to lowest since 2014
Pakistan's foreign exchange reserves have fallen to $4.3bn, its lowest levels since February 2014,...
Pakistan's foreign exchange reserves have fallen to $4.3bn, its lowest levels since February 2014, the country's central bank announced after paying off some of Pakistan's external debt payments.
The State Bank of Pakistan (SBP) released on Thursday (Jan 12) revealed the figure, adding that commercial banks have $5.8bn, totalling nearly $10.1bn.
Pakistan is hoping to end the deadlock as the International Monetary Fund (IMF) is expected to release a $1.1bn loan, which is part of the $7bn loan programme the country entered in 2019. It is also seeking immediate financial assistance from its close bilateral partners amid the economic crisis.
Thursday's announcement comes at the back of Prime Minister Shehbaz Sharif's visit to the United Arab Emirates where it was disclosed that the Gulf state pledged to roll over $2bn of existing loans while providing an additional loan of $1bn.