State Bank of Pakistan (SBP) foreign exchange reserves have dropped to a nine-year low of $3.678 billion during the week ended on January 20.
The central bank said that external debt repayments had resulted in decrease of forex holdings by $923 million during the week.
According to experts, SBP reserves are not sufficient even to cover imports for three weeks.
More than 9,000 containers are stuck at the ports waiting to be paid for clearance. Also, ships carrying essential commodities including petroleum products, LNG and soyabean are awaiting payments.
The country’s total reserves were $9.5bn, down by $990m as the commercial banks’ holdings also fell by $68m to $5.8bn during the week.
The central bank said that external debt repayments had resulted in decrease of forex holdings by $923 million during the week.
According to experts, SBP reserves are not sufficient even to cover imports for three weeks.
More than 9,000 containers are stuck at the ports waiting to be paid for clearance. Also, ships carrying essential commodities including petroleum products, LNG and soyabean are awaiting payments.
The country’s total reserves were $9.5bn, down by $990m as the commercial banks’ holdings also fell by $68m to $5.8bn during the week.