SBP’s forex reserves further decline to $5.8 billion
State Bank of Pakistan’s foreign exchange reserves on Thursday
further dropped by $294 million to $5.8 billion which is eight years’ low.
With no sign of IMF tranche to be received soon, the reserves are
quite low to meet Pakistan’s debt servicing needs.
The central bank’s foreign exchange reserves have been consistently
falling since the beginning of FY23. Analysts and experts have expressed
concerns regarding a possible default of the country.
In April 2022, the country’s foreign exchange reserves stood at
$10.5bn.