SBP foreign exchange reserves plunge to dangerous level
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The State Bank of Pakistan (SBP)-held foreign exchange reserves plunged to dangerous levels as the cash-strapped nation desperately seeks to revive the stalled bailout programme of the International Monetary Fund (IMF), reported 24NewsHsd TV channel Thursday.
Due to foreign debt payments, the central bank said its reserves fell $592 million to $3,086.2 million during the week ended on January 27, their lowest since February 2014, and are barely enough to provide import cover for 18.5 days.
The reserves held by the commercial banks stand at $5,655.5 million, $2.6 billion higher than those of SBP, taking the total reserves of the country to $8,741.7 million, the central bank's statement mentioned.
However, the reserves of commercial banks also plunged by $119m.