Forex reserves hit four-year low; fall at $6.72bn

KARACHI: As Pakistan battles through rough economic times, the country’s central bank’s forex reserves have further shrunk by $784million to fall to a four-year low of $6.72billion. The figure was announced by the State Bank of Pakistan on Thursday after the week ended on December 2.

The last time the country recorded such low forex reserves was in mid-January 2019. According to the State Bank, the commercial banks’ net foreign reserves currently stands at $5.86bn, rounding off the country’s liquid foreign reserves to $12.58bn.

The Pakistan Democratic Movement-led government removed former prime minister Imran Khan from the government via a no-confidence vote accusing his government of running the poor down to the ground. The reserves, when the PTI government left, stood at $10.9bn.

However ever since the PDM government has taken the charge of the country, the reserves have dropped by $4bn. Meanwhile, the PDM has had to employ two finance ministers so far hoping that their policies would bring some calm and relief to the economic disaster unfolding right before the eyes of the government.

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