Pakistan's foreign exchange reserves plunged to $6.7 billion,24NewsHD TV channel reported on Thursday.
In a statement, the central bank said the foreign currency reserves held by the SBP were recorded at $6,700 million as of December 9, down $15 million compared with $6,714.9 on December 2.
Net reserves held by banks amounted to $5,870.2 million. Pakistan is in dire need of funds to cover its current account deficit and debt obligations, for which it needs more than $30 billion in external financing this financial year.
Expected funds from the IMF have been delayed as officials struggle to convince the Fund to hold the ninth review as it is yet to formally begin.
Last week, the country’s foreign exchange reserves fell below the $7 billion level for the first time since January 2019.
The current reserves stand at around $6.7 billion — almost equal to $6.6 billion on January 18, 2019.