Foreign exchange reserves of the country fell below 9.13 billion dollars in the week that ended on August 30 from 9.38 billion in the previous week. This figure has been released by the State Bank of Pakistan. The reserves held by the central bank fell below $ 5.76 billions from $ 6.01 billion previously while the reserves held by foreign banks were flat at $ 3.37 billion.
The foreign reserves were at a record high of $ 16.5 billions in October last years but were depleted because of high import bills for petroleum oil and the political turmoil in the country which contributed to flight of capital. The foreign investors are shying from coming to Pakistan because of political instability in the country.
If the forex reserves continue to deplete at this rate, Pakistan may find difficulty in paying its foreign debt.
Foreign exchange reserves of the country fell below 9.13 billion dollars in the week that ended on August 30 from 9.38 billion in the previous week. This figure has been released by the State Bank of Pakistan. The reserves held by the central bank fell below $ 5.76 billions from $ 6.01 billion previously while the reserves held by foreign banks were flat at $ 3.37 billion.
The foreign reserves were at a record high of $ 16.5 billions in October last years but were depleted because of high import bills for petroleum oil and the political turmoil in the country which contributed to flight of capital. The foreign investors are shying from coming to Pakistan because of political instability in the country.
If the forex reserves continue to deplete at this rate, Pakistan may find difficulty in paying its foreign debt.
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