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With SBP, Pakistan’s foreign exchange reserves reach $3.09 billion, a nine-year low.

With SBP, Pakistan's foreign exchange reserves reach $3.09 billion, a nine-year low.

The State Bank of Pakistan (SBP) reported on Thursday that Pakistan’s foreign exchange reserves, held by the central bank, fell by 16.1% to $3.09 billion in the week ending January 27. Analysts estimate that this amount is insufficient to fund fewer than three weeks’ worth of imports.

Negotiations between the nation and the International Monetary Fund (IMF) are ongoing to disburse desperately needed funds under a stalled bailout agreement. A positive conclusion with the IMF would also assist in releasing funds from other platforms that are awaiting lender approval.

The $592 million decrease in reserves, according to a statement from the central bank, was brought on by the repayment of foreign debt. Commercial banks’ reserves totaled $5.65 billion, bringing the nation’s total liquid reserves to $8.74 billion, according to SBP.