Connect with us


Pakistan’s Foreign Exchange Reserves 5 Times Lower Than Mukesh Ambani’s Net Worth



Pakistan’s foreign exchange reserves plunged to $9.03 billion, not enough to cover even two months of imports, from $9.79B at the end of the last fiscal year. The decline of $753M in less than three months comes on the backdrop of poor exports and remittances amid large import bills and a big current account deficit. Pakistan’s foreign exchange reserves at $9.03 billion are approximately fives times lower than the richest Indian – Mukesh Ambani.

In July-August, consolidated earnings via exports of goods and services and remittances equalled $8.921B, according to the balance of payments statement. Against this, imports of goods and services utilised $11.579B.

So a massive gap of $2.66B existed even if we count on both exports and remittances to finance our total imports. The current account deficit stood at $2.72B. The overall balance of payments statement witnessed a gap of $430M. The Pakistan rupee lost 2.26% of its value against the dollar in the interbank market in less than three months of this fiscal year.

Deep cuts in development funding will slow down economic growth, which may affect the private-sector credit appetite. The PTI government under Imran Khan is trying to shape up the balance of payments statement with heavier flows of foreign investment, including a strategic Saudi investment in the China-Pakistan Economic Corridor (CPEC) while keeping its focus on exports and investment intact.

Meanwhile, it is also keeping the International Monetary Fund (IMF) borrowing option open. However, indicators show that currently, the external account situation is far from promising.

More News at EurAsian Times




imran-khan imran-khan
Featured4 mins ago

India, Pakistan Clash At UNGA – Indian Diplomat Walks Out As Imran Khan Goes All-Out Over Kashmir

India strongly reacted to Pakistan PM Imran Khan's speech at UNGA calling it a 'diplomatic low'. India's envoy to the...

J-10VSF-16 J-10VSF-16
Featured9 hours ago

Next US Intervention In Taiwan & There Would Be No Taiwan – China

Amid suggestions for the United States to deploy its troops to Taiwan, Chinese military experts have warned that any such...

Americas10 hours ago

Donald Trump Or Jared Kushner: Why Son-In-Law Kushner Deserved The Nomination For Nobel Prize Over Trump?

Having brokered the historic normalisation accord between the United Arab Emirates (UAE) and Israel, US President Donald Trump has been...

SU-30 SU-30
Featured14 hours ago

Rafale vs Su-30SM: Despite Rafale Jets, Why Su-30s Will Remain The Most Powerful Fighters In The Whole Of Asia?

Russia has won many hearts in India and China with its Sukhoi Su-30SM fighter jets, however, owing to the massive...

Featured16 hours ago

Can PM Modi Correct The ‘Balochistan’ Mistake That India Committed In 1947?

As history suggests, India lost out when the Sultan of Oman offered Gwadar as a gift to India but the...

eurasian-times eurasian-times
Featured16 hours ago

After SU-30 Jet, Now MiG-21 Fighter Jet Crashes In Western District

A Serbian military aircraft crashed Friday in western Serbia, the Defense Ministry confirmed. The ministry said that the MiG-21 military aircraft...

putin-russia putin-russia
EurAsian Region16 hours ago

Watch How Russian BM-30 Smerch Rockets Use GLONASS Navigation System To Hit Its Target

Russia has reportedly made another major breakthrough in boosting its missile launching capabilities with modernised BM-30 Smerch or 9A53-S Tornado...

Featured23 hours ago

Clear Message To China: India Army Will Fire If PLA Soldiers Come Forward

As India-China border tensions are yet to be completely diffused, according to a report by The Hindu, New Delhi has given...

s400-russia s400-russia
Featured1 day ago

Third Batch Of Lethal S-400 Triumf Missile Defence Systems Delivered To Russia

Almaz-Antey Air and Space Defense Corporation JSC delivered the third batch S-400 Triumf missile defence system to the Russian Ministry...

Cold-War Cold-War
Americas1 day ago

Who Is Winning The Race Between US, Russia & China To Develop World’s First Sixth-Gen Fighter Jet?

So far, the US is the only country to develop, operate and sell its fifth-generation fighter jets, while China and...