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Amid the political instability and economic crisis, the Pakistan foreign exchange reserve continues to decline due to loan repayments, The Express Tribune reported on Friday.
The foreign exchange reserve continued its downward trend and recorded at USD 8.21 billion as of January 26 which is a USD 54 million drop compared to the previous week at USD 8.27 billion, said the State Bank of Pakistan (SBP) report. Including commercial banks' reserves, the country's total liquid foreign currency reserves amounted to USD 13.26 billion, with commercial banks holding net reserves of USD 5.04 billion. However, Pakistan's central Bank underscored the positive impact of recent tranche of USD 705.6 million from the International Monetary Fund (IMF) under its USD 3 billion ongoing loan programme. Arif Habib Limited CEO Shahid Ali Habib highlighted on social media that the elevated reserve levels played a crucial role in stabilising the Pakistani rupee against the US dollar. The IMF's upward revision for Pakistan's foreign exchange reserves to USD 9.1 billion by June 2024 suggests a continued gradual growth momentum. Last week, reserves briefly dropped to USD 8.27 billion, likely due to foreign debt repayment, The Express Tribune reported. The rupee has fallen to a record low of PKR 276 against the US dollar as reserves remain low and the prevailing political turmoil leads to fears of further delay in the IMF deal. (ANI)
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