The country’s official currency reserves have experienced a record-breaking decline, with a staggering drop of $179 million. According to the State Bank, this significant decrease in the government’s reserves is a direct result of the mounting pressure to repay foreign loans.
As the week came to an end on June 2nd, the government’s reserves reached a worrisome level of $3.912 billion, marking a substantial decrease of $179.22 million. The increasing burden of repaying foreign debts has taken a toll on the country’s financial stability, causing this alarming decline in reserves.
While commercial banks managed to maintain their reserves at a record high of $5.426 billion on June 2nd, the overall currency reserves of the country have now reached a concerning level of $9.334 billion, painting a concerning picture for the nation’s economy.
As the economy faces uncertainty and the pressure to repay foreign debts intensifies, it remains to be seen how the government will tackle this alarming situation and safeguard the nation’s financial future.