The central bank, in its weekly bulletin, said that its forex reserves have decreased by $36 million to $4.2 billion as of the week ended March 31, which will provide an import cover of less than a month.
The net forex reserves held by commercial banks stand at $5.51 billion, $1.3 billion more than the SBP, bringing the total liquid foreign exchange reserves of the country to $9.75 billion, the statement mentioned. Pakistan’s $350 billion economy continues to dwindle amid financial woes and the authorities struggle to strike a staff-level agreement with the IMF.
