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Red Signal as State Bank of Pakistan’s Reserves Fall to $4.2 Billion


LAHORE MIRROR — The State Bank of Pakistan (SBP)-held foreign exchange reserves dropped to $4.2 billion as the cash-strapped nation fails to secure external financing despite attempts to resume a stalled bailout programme.

In its bulletin, the SBP said its reserves have fallen $119 million as of the week ended May 19, and currently stand at $4.19 billion, with Arif Habib Limited saying the reserves would provide an import cover of less than a month.

The net foreign reserves held by commercial banks stand at $5.53 billion, $1.34 billion more than the central bank, taking the total liquid foreign exchange reserves to $9.7 billion.