SBP’s reserves drop to $4.2 billion

The State Bank of Pakistan (SBP)-held foreign exchange reserves dropped to $4.2 billion, reported 24NewsHd TV channel Thursday.

The SBP said its reserves have fallen $119 million as of the week ended May 19, and currently stand at $4.19 billion, as the reserves would provide an import cover of less than a month.

The net foreign reserves held by commercial banks stand at $5.53 billion, $1.34 billion more than the central bank, taking the total liquid foreign exchange reserves to $9.7 billion.

This is the fourth weekly drop in the foreign exchange reserves, with Pakistan seeing no signs of securing external financing any time soon amid political instability — which has had a huge impact on the deteriorating economy.