Forex News

Forex reserves hit a 28-month low.

KARACHI: The foreign exchange reserves dropped by $178 million to $16.37 billion, which is the lowest amount in 28 months.

In a week, according to data supplied by the State Bank of Pakistan, the central bank’s reserves declined to $10,3 billion. Experts say that the current foreign reserves are not enough to pay for imports for two months.

The International Monetary Fund (IMF) says that the government must get rid of the subsidies before the loan program can be started up again.

In the meantime, the foreign reserves held by private banks increased to $6.60 billion, a $13 million increase.

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