Karachi: The foreign exchange reserves were seen steep depletion constantly, as it fell to $15.536.4 billion in a week ending on June 1, which was recorded at $16.0058 billion earlier.
The foreign exchange reserves held by State Bank of Pakistan fell to $ 11.2437 billion from $11.6986 billion. The net foreign reserves held by banks are standing at $4.292 billion, which was recorded at $4.3072 billion in the previous week.
The foreign reserves have been projected to drain out by debt repayments of $2.53 billion in the current fiscal year. However there were merely $1.1 billion dollar was paid to IMF so far.
Pakistan foreign exchange reserves have been projected to reach at $12.1 billion by end financial year 2011/12 with imminent pressure on balance of payment after beginning of IMF loans’ repayment.
The central bank’s foreign exchange reserves have declined by about $2.5 billion in the last ten months.
The economic performance has weakened and external pressures are mounting. The widening deficit of current account due to lower cotton/textile prices and a sharp slowdown in FDI inflows, continued difficulties in attracting external financing.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription