[vc_row][vc_column][vc_column_text dp_text_size=”size-4″]The country will begin receiving US dollar inflows beginning next week, according to State Bank of Pakistan (SBP) Governor Jameel Ahmad, who made the announcement on Wednesday. This will assist bolster the central bank’s fast declining foreign exchange reserves.
According to a report by Mettis Global, when he spoke to businesspeople at the Federation of Pakistan Chambers of Commerce and Industry (FPCCI), he acknowledged that the nation’s reserves had gotten rather low but stated that initiatives in the works would assist to raise them.
The central bank’s foreign exchange reserves decreased to $4.34 billion in the week ending January 6, the lowest level since February 2014, due to no dollar inflows from the International Monetary Fund (IMF) or friendly nations.
The nation has been experiencing a severe dollar shortage, which is having a negative impact on the ability to import even food and industrial raw supplies. The country doesn’t have enough dollars, according to the most recent position of foreign exchange reserves, to pay for even one month’s worth of typical imports.
Despite the fact that the central bank had earlier this year lifted restrictions on the imports of a number of necessary goods used as raw materials, a number of associations from various industries have complained that the non-opening of letters of credit (LCs) is causing shortages, leading to several companies suspending operations recently.
There is a severe dollar scarcity in the nation, which is limiting the importation of even food and raw materials for the industrial sector. The country doesn’t have enough dollars to cover even one month’s worth of typical imports, according to the most recent position of foreign exchange reserves.
Even though the central bank removed restrictions on the imports of a number of raw materials that were needed earlier this year, a number of associations from various industries have complained that the non-opening of letters of credit (LCs) is causing shortages, leading to several companies suspending operations in recent months.
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