The foreign exchange (forex) reserves held by the State Bank of Pakistan (SBP) have reached an alarming low after the country repaid loan to two foreign banks.
According to the details, the foreign exchange reverses held by the State Bank of Pakistan (SBP) stand at $4.5 billion after the cash-strapped country paid $600 million to the Emirates NBD Bank and $420 million to Dubai Islamic Bank.
The depleting foreign exchange reserves have impacted the country’s imports, while putting basic necessities like edible oil and Liquefied Natural Gas (LNG) at risk of a countrywide shortage with increased prices.
It is pertinent to mention that foreign exchange reserves held by the central bank stood at $5.576 billion during the week ended December 30, 2022.
Meanwhile, Pakistan’s Liquid Foreign Exchange Reserves in total stood at $11.42 billion as per the State Bank of Pakistan.