KARACHI: The country’s foreign exchange reserves fell by $300 million during the week ended on Sept 7, announced the State Bank of Pakistan (SBP) on Thursday.
The reserves of the central bank and commercial banks have been falling for the last few weeks.
The SBP’s reserves declined by $261m while the holdings of the commercial banks by $39m during the week under review. The PTI government is struggling to improve foreign exchange reserves considering several options including borrowing from China and the International Monetary Fund.
However, the impact of low foreign exchange reserves could be seen in the currency market as the exchange rate started moving against local currency in support of US dollar.
Published in Dawn, September 14th, 2018