News Snapshot:
Karachi: Pakistan’s central bank forex reserves have plunged to an eight-year low of $5.6 billion, posing a serious challenge for the country in financing imports. Coupled with another $5.8 billion held by commercial banks, the nation has $11.4 billion in reserves – enough to pay for just three weeks of imports, traders and economists say. “This is a very grave situation. If things get worse, Pakistan will need to have its loans restructured,” said Mohammad Sohail, the head of economic watchdog Topline Securities in Karachi, alluding to a possible default. Pakistan’s economy has crumbled alongside a simmering political crisis, with...
