Pakistans central bank forex reserves have plunged to their lowest level since February 2014 after a decline of 22.11 per cent, posing a serious challenge for the country in financing imports, local media reported.
Thursday's announcement by the State Bank of Pakistan (SBP) came as the country is in dire need of foreign aid to reduce its current account deficit as well as ensure enough reserves to pay its debt obligations for the ongoing financial year, Geo News reported.
Coupled with another $5.8 billion held by commercial banks, the nation has $10.2 billion in reserves - enough to pay for just three weeks of imports.
During the week ended on January 6, the central bank's forex reserves fell $1,233 million, or 22.12 per cent, to $4,343.2 million, a statement from the central bank said, down from last week's reserves of $5,576.5 million.
Pakistan's economy has crumbled alongside a simmering political crisis, with the rupee plummeting and inflation at decades-high levels, but devastating floods and a global energy crisis have piled on further pressure, Geo News reported.
The reserves, which hit their lowest level since February 2014, will now only provide import cover worth 0.82 months, as the country tries to lessen imports amid a greenback shortage.
Last week, Finance Minister Ishaq Dar had said that Pakistan's foreign exchange reserves would "strengthen" in the coming days as he banked on friendly countries for inflows.
The central bank mentioned that the country repaid $1,233 million in external debt. This repayment has been reflected in the data released on Thursday.
Gujarat: BJP’s Satish Patel dedicates Manjalpur bypoll victory to late Yogesh Patel
Newly elected Manjalpur MLA Satish Patel on Monday dedicated his victory in the Gujarat Assembly by-election to the late BJP leader and former minister Yogesh Patel, saying he would carry forward the work undertaken by his predecessor after securing a comfortable win in the constituency.
PK wins Bankipur, ends BJP's dominance; Samrat Choudhary congratulates him
Jan Suraaj founder Prashant Kishor has registered a major victory in the Bankipur Assembly by-election, defeating BJP candidate Neeraj Kumar Sinha by a margin of 18,963 votes and breaking the BJP’s long-standing dominance over the constituency.
ANDPL to rejuvenate 40,000 trees within Dharavi, build 3.3-km Mithi River riverfront
In a bid to give residents better access to green public spaces, the Dharavi Redevelopment Project (DRP) will place the rejuvenation of the Mithi River at the centre of a new green-blue network — designed to improve the environment and create healthier spaces across one of Mumbai’s most densely-populated neighbourhoods, it was announced on Monday.
RSS Chief Mohan Bhagwat to interact with Gen Z in Mumbai on Aug 6
Rashtriya Swayamsevak Sangh (RSS) Sarsanghchalak Mohan Bhagwat is scheduled to interact with representatives of Generation Z and Generation Alpha on August 6 in Mumbai.
Two women among eight militants arrested in Manipur, arms and drugs seized
Eight militants, including two women cadres, belonging to different banned insurgent outfits were arrested and arms, ammunition and other incriminating materials recovered in separate joint security force operations across Manipur during the past 24 hours, officials said on Monday.
Tribal Welfare Minister orders probe into alleged irregularities at Ambedkar Girls' Hostel
Minister for Tribal Welfare, Bikash Debbarma, on Monday ordered a detailed inquiry into allegations of irregularities in the supply of food items at the Dr. B. R. Ambedkar Memorial Girls' Hostel located on Jagannath Bari Road in Agartala.
Assam villages devastated by flood might have to be rebuilt: Sarma
Assam Chief Minister, Himanta Biswa Sarma, on Monday indicated that the state government may have to rebuild entire villages devastated by the recent floods in Upper Assam, saying the scale of destruction in Sivasagar and Charaideo districts has gone far beyond what can be addressed through immediate relief measures.
Pakistan: Death toll in Swat police station suicide attack rises to 17
The death toll from the suicide bombing at Kabal Police Station in Swat district of Pakistan's Khyber Pakhtunkhwa province has risen to 17 after two more injured police personnel succumbed to their injuries, local media reported on Monday.