Foreign exchange reserves of the State Bank fell drastically by $397 million during the week that ended on July 19, making it difficult for the government to keep the reserves around $9 billion before another loan agreement with the IMF.
According to the State Bank, the decline was due to external debt repayments which brought the reserves down to $9.027.2bn. The country is struggling amid huge debt servicing on both domestic and external fronts.
The need to raise $24bn for external debt servicing in FY25 has created problems for economic managers as they have already used most of the sources for inflows.
No comments:
Post a Comment