ISLAMABAD : Pakistan's foreign exchange reserves held by the central bank decreased by 16.1 per cent to $3.09 billion in the week ending Jan. 27, the State Bank of Pakistan said on Thursday, which analysts said covers less than three weeks of imports.
Local investment firm Arif Habib Limited calculated that the reserves are at their lowest since February 2014 and now only cover 18 days worth of imports. Cash-strapped Pakistan on Tuesday held talks with the IMF in a bid to unlock funds from a $7 billion bailout designed to ward off economic meltdown. The talks, to continue through Feb. 9, are meant to clear the IMF's 9th review of its Extended Fund Facility, aimed at helping countries with balance-of-payments crises.
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