Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell to perilous levels as the cash-strapped country desperately tries to restart the delayed bailout programme of the International Monetary Fund (IMF).
The central bank reported that due to foreign debt payments, its reserves decreased by $592 million to $3,086.2 million for the week ending on January 27, reaching their lowest level since February 2014 and barely covering imports for 18.5 days (0.61 months).
The announcement from the central bank stated that the reserves held by the commercial banks amount $5,655.5 million, which is $2.6 billion more than the SBP reserves, bringing the overall reserves of the nation to $8,741.7 million.
