Karachi port terminals, Airport in Lahore, Pakistan

The foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at USD 7.81 billion, according to data released by the SBP on Thursday as they witnessed a fall of USD 87 million.Sharing a break-up of the foreign reserves position, the central bank stated that the foreign currency reserves held by the SBP were recorded at USD 7.81 billion, and were down by USD 87 million compared to USD 7.89 on August 19."During the week ended on August 19, 2022, SBP's reserves decreased by USD 87 million to USD 7,809.9 million," the SBP said in a statement.The liquid foreign reserves held by Pakistan stood at USD 13.52 billion, said the SBP on Thursday, adding that the net foreign reserves held by commercial banks amounted to USD 5.71 billion."The sharp decline in reserves due to external debt and other payments," said SBP.Pakistan is grappling with a crippling economic crisis and the deepening political turmoil is spawning doubts about the government's ability to make tough decisions going forward and tackle the longstanding structural issues of the economy responsible for the recurring balance-of-payments crisis.Moreover, Pakistan's economy is slowing to around 3.5 per cent due to weakening economic conditions and the average inflation rate peaking to nearly 20 per cent by the end of the current fiscal year, according to the International Monetary Fund (IMF).The IMF has shaved Pakistan's previous year's economic growth forecast by 1 per cent to 3.5 per cent.Meanwhile, the State Bank of Pakistan in this week's monetary policy statement had said that the floods caused by unusually heavy and prolonged monsoon rains created downside risks for agricultural production, especially cotton and seasonal crops, and could weigh on growth this year.Amid this, the Pakistani citizens are taking their financial woes online and criticizing the country's Prime Minister Shehbaz Sharif and Pakistan Muslim League Nawaz (PML-N) top leader Maryam Nawaz for doing nothing for the relief of the masses.Recently, a video of a Pakistani woman surfaced, describing the skyrocketing prices of medicines, groceries and electricity in the country, especially in Karachi city and slamming Prime Minister Shehbaz Sharif and PML-N leader Maryam Nawaz. The video was shared by Pakistani journalist Hamid Mir in which a woman identified as Rabia from Karachi could be seen slamming the government after skyrocketing inflation. The woman asks the government whether she should end her children's lives by not feeding them anymore, The News International reported.( With inputs from ANI )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Karachi Port TerminalsFOLLOW

Karachi port terminals, Latest News

Jhelum, Aug 28 PTI Chairman Imran Khan said that his struggle against the "thieves" will continue whether it ... ...

The top investigation agency of Pakistan revealed that a heft amount of over Rs 787 million was deposited and then withdrawn from an undeclared account, allegedly maintained by the former Pakistan Prime Minister Imran Khan's party Pakistan Tehreek-e- ...

Peshawar/Quetta, Aug 27 Heavy downpour continued to pummel parts of Pakistan already battered by calamitous floods of epic ... ...

Islamabad, Aug 27 Pakistan Finance Minister Miftah Ismail has said that Qatar is "interested in leasing Pakistan's airports". ... ...

Islamabad, Aug 26 As Pakistan faces its worst destruction, devastation, humanitarian crisis and catastrophe due to flash floods ... ...

Islamabad, Aug 26 At least 34 people were killed and 50 others injured in flash floods triggered by ... ...

Islamabad, Aug 26 Top brass of the Pakistan Army has hinted at a tougher app­roach against the Tehreek-i-Taliban ... ...

The foreign currency reserves held by the State Bank of Pakistan (SBP) were recorded at USD 7.81 billion, according to data released by the SBP on Thursday as they witnessed a fall of USD 87 million. ...

Islamabad, Aug 26 Top brass of the Pakistan Army has hinted at a tougher approach against the Tehreek-i-Taliban ... ...