The net foreign reserves held by the State Bank of Pakistan plunged significantly from 1.7 billion dollars to 10.3bn.
The SBP on Thursday cited the reason by saying the government had to pay $1.669bn as debt serving.
The government is trying to defer its bilateral debt servicing payments to the G-20 countries for one year and provide temporary relief to the falling foreign exchange reserves. However, Net foreign reserves held by commercial banks increased slightly, from $6.52 billion to $6.55 billion by $34 million. The total liquid foreign reserves held by the country fell significantly from $18.597 billion in the week ending May 21, to $16.92 billion during the week under review.
Hey folks, I describe myself as a detail-oriented person having a keen desire for knowledge who is a professional banker by day and blogger by night. I love to write about Tech. Reviews and Current Affairs. I appreciate constructive criticism.