KARACHI: The State Bank of Pakistan’s (SBP) weekly fall in the country’s foreign exchange reserves was sustained.According to data issued by the State Bank of Pakistan (SBP) on Thursday, the SBP’s foreign exchange reserves were $8,385.4 million on July 29, down $190 million from $8,575.16 on July 22.
The drop, according to the central bank, resulted from other payments and external debt.
It should be mentioned that Pakistan has an import cover of less than 1.5 months with its current level of foreign exchange reserves.
Nevertheless, China extended a $2 billion loan in the form of a State Administration Foreign Exchange (SAFE) deposit for the economy of cash-strapped Pakistan for another year.
