Dwindling forex reserves, declining exports indicates country on verge of default
State Bank's foreign exchange reserves fell to a 10-year low of $3.08 billion. Imports decreased by 7.1% in 7 months of this financial year
Rapidly dwindling foreign exchange reserves of the State Bank and declining exports signaled the impoverishment of the country.
State Bank’s foreign exchange reserves fell to a 10-year low. Imports fell by 7.1 percent in the first seven months of the current financial year.
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Reserves of the State Bank reached the lowest level of 10 years. The reserves of the State Bank fell to 3 billion 86 million dollars after a decrease of 52 million 20 million dollars. Earlier, in the week ending December 3, 2013, the State Bank’s foreign exchange reserves were around $2.96 billion.
On the other hand, during July-January, exports decreased by 7.1% to 16.47 billion dollars. Imports decreased by 22.5% to 36.1 billion dollars. It was 28.9 billion dollars.
Exports fell by 15.4 percent to $2.2 billion in January. Imports rose by 19.6 percent to $4.85 billion in January. It was 3.4 billion dollars in the same period of the year.
