Pakistan’s Forex Reserves Drop by $354 Million, Leaving Current Balance at $4.2 Billion in Central Bank

Pakistan’s central bank has reported a decline in its foreign exchange reserves by $354 million to $4.2 billion due to external debt repayment. This is the first weekly decline after six consecutive increases. The total liquid foreign reserves held by the country stand at $9.8 billion, while net foreign reserves held by commercial banks are at $5.6 billion. Pakistan is still waiting for more aid from China, Saudi Arabia, and UAE. China is working on Pakistan’s request to roll over a $2 billion loan that matured last week. However, talks with the International Monetary Fund (IMF) remain stalled after Pakistan announced a new fuel subsidy, affecting the economy and the rupee.