Pakistan’s economic snapshot, October – November 2013

Economic-Snapshot-October-2013Pakistan’s total liquid foreign exchange reserves stood at $8.8 billion on November 22, 2013: SBP held $3.46 billion and commercial banks held $5.33 billion making for a precarious balance of payments situation as the reserves of the country sank to the lowest level in the last 12 years and will cover only three weeks of import bill payments.

In a period of 4 months (since July 2013), Pakistan has lost $2.2 billion reserves and $1.7 billion (since signing the IMF program). With another installment of $200 million coming up in December, 2013, the situation is expected to worsen and a currency crisis is imminent. Foreign investment is declining, there are little or no privatization proceeds and the government had also to raise dollars from international debt capital market.

Download Complete Report: Pakistan’s economic snapshot, October – November 2013