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Pakistan's foreign reserves plunge to $9.7 billion amid IMF deadlock

The central bank says the decrease happened due to "external debt repayment"

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Pakistan's foreign reserves plunge to $9.7 billion amid IMF deadlock
GNN Media: Representational Photo

Karachi: The total foreign exchange reserves held by the State Bank of Pakistan's (SBP) fell by $366 million to $9.72 billion owing to external debt repayments.

Sharing the data, the SBP said the total liquid foreign reserves, till May 27, stood at $15,771.4 million.

The central bank added that the decrease occurred due to "external debt repayment".

The development comes as Pakistan has yet to reach a staff-level agreement with the International Monetary Fund (IMF), but the government is hopeful of striking a deal this month.

Total liquid foreign exchange reserves held by the country stood at US$ 15.77 billion as of May 27, 2022.

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