SBP reserves deplete to $4.5b

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The State Bank of Pakistan’s foreign exchange reserves depleted to nine-year low, reaching at $4.5 billion.

According to sources, the present reserves are insufficient for paying the import bill of three weeks. A major portion of the reserves is based on safe deposit. The authorities are facing difficulties in achieving the tax target.

On the other hand, the Federal Board of Revenue faces the shortfall of Rs170 billion.