State Bank reserves Drop to Massive Low $3.7 Billion

As the nation’s economic crisis has gotten worse recently, Pakistan’s foreign exchange reserves have further declined to $3.7 billion, its lowest level since February 2014.

Since the start of the current fiscal year, the central bank’s reserves have been steadily decreasing, according to data released by the State Bank of Pakistan, which showed that they declined significantly by $923 million to $3.7 billion.

With the most recent data update, the dollar-starved nation’s liquid foreign reserves stood at $9.5 billion, while commercial banks’ foreign reserves stood at $5.8 billion.

This paints a bleak picture of the economy as the top official of the nation approaches foreign leaders and lenders amid the panic.