Forex reserves touch 28-month low

The foreign exchange reserves dropped by $178 million to reach $16.37 billion, reaching the 28-month low level.

Statistics released by the State Bank of Pakistan shows, the reserves held by the central bank decreased to $10.3 billion in a week. Economic experts are of the view that the current foreign reserves are insufficient for the imports of two months.

They said that the government will have to withdraw the subsidies in order revive the loan programme with the conditions imposed by the International Monetary Fund (IMF).

Meanwhile, the foreign reserves held by the private banks witnessed an upward trend as they swelled to $6.60 billion, witnessing an increase of $13 million.

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