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Hopeless Pakistan's Forex Reserves Drop by $389-mn to stand at $7.6-bn


Pakistan's foreign exchange reserves decrease $389 million to $7,611.9 million in the week ending July 19, compared to 
$8,001.3 million in the previous week, the central bank said on Thursday.

As per the break-up of the forex position, foreign reserves held by the State Bank of Pakistan’s stood at $7.61 billion, while net foreign reserves held by commercial banks stood at $7.25 billion.

The central bank said the SBP reserves plunged $389 million to $7.61 billion owing to the country’s financial requirements, including external debt servicing and other debt amortisation.Pakistan is now in a situation where it will do whatever IMF demands to secure a $6-bn bailout package. Also the primary reason for PM Imran Khan to visit Washington was to restart the Financial Aid from the US.

Source Link http://www.defencenews.in/article/Hopeless-Pakistans-Forex-Reserves-Drop-by-$389-mn-to-stand-at-$76-bn-586091

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