Pakistan’s forex reserves slump 12% in just weeks amid coronavirus outbreak
ISLAMABAD: Pakistan's foreign exchanges reserves plunged more than 12% or $1.6 billion over just three weeks in March as the coronavirus outbreak roiled global financial markets, the latest data from the central bank showed.
As on March 27, forex reserves totalled $11.2 billion, down from $12.8 billion as on March 6.
Pakistan last year had entered into a programme with the International Monetary Fund amid a yawning current account deficit and depleting reserves that have been shored up with temporary deposits from friendly countries like Saudi Arabia and China.
The situation improved until March aided by inflows into treasury bills that had attracted foreign carry trade money on the back of high interest rates and a fall in imports. - Reuters