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Forex reserves slip below $10b

Forex reserves slip below $10b

LAHORE: Foreign exchange reserves of Pakistan have dropped below $10 billion to $ 9,998.3 million.

Foreign exchange reserves held by the State Bank of Pakistan fell to $4,822.9 million while net foreign reserves held by banks stood at $5,175.4 million.

The IMF has approved $6.64 billion bailout package for Pakistan for three years that would strengthen the reserves. The Fund would provide $544 million loan’s first tranche to Pakistan in next few days while remaining amount would be disbursed in equal quarter transactions after the review of economic performance.