State Bank of Pakistan reserves dropped below this level during the week that ended on January 18, 2019, at around USD 6.64 billion . The fall in foreign exchange reserves has been due to a payment of USD 1 billion against the maturity of Sukuk (Islamic bonds) The International Monetary Fund is expected to provide another tranche of funds .
Islamabad (Pakistan), December 10, 2019 : The foreign exchange reserves of the State Bank of Pakistan (SBP) decreased by USD 784 million and fell to a near four-year low of USD 6.72 billion during the week that ended on December 2, according to Dawn, the central bank.According to Dawn, the State Bank of Pakistan's reserves dropped below this level during the week that ended on January 18, 2019, at around USD 6.64 billion.According to the Dawn survey, Pakistan's total liquid foreign reserves have now reached USD 5.867 billion, putting the Prime Minister Shehbaz Sharif-led government at the top of its agenda.According to a news release, SBP's reserves have decreased by more than USD 4 billion from around USD 10.9 billion.The central bank reported that the fall in foreign exchange reserves has been due to a payment of USD 1 billion against the maturity of Sukuk (Islamic bonds), according to the central bank.According to the Dawn study, a senior analyst who wanted to remain anonymous said that the USD 6.7 billion reserves were not calculated after the bond payment.In a podcast on Thursday, State Bank of Pakistan Governor Jameel Ahmed said that inflows remained at USD 4 billion in the last five months.Ahmed added that the figure is expected to increase in the second half of the current fiscal year, which ends in June 2023. Pakistan's inability to repay foreign loans has caused analysts and researchers to wonder.The market has been depressed during the current fiscal year, and the exchange rate has been unstable.The International Monetary Fund is expected to provide another tranche.The ninth review meeting was called off due to criticism from the IMF over a burgeoning fiscal deficit on December 7. According to Dawn, Dar and his team met with top diplomats from the US, China, and the United Kingdom based in Islamabad.