By Muhammad Luqman
Amid political turmoil in Pakistan, the foreign exchange reserves of South Asian nation have continued sliding down with shedding another US$ 350 million during the last week to close at US $ 20.283 billion.
According to State Bank of Pakistan, foreign reserves held by the central bank have come down to US $ 14.698 billion while the commercial banks have US $ 5.584 billion. Pakistan’s foreign exchange reserves had hit the all time high level of US $ 24.5 billion in October , 2016.
According to financial analysts, the decline in the foreign exchange is mainly due to ever-shrinking exports base and decreasing foreign remittances.
Pakistan is undergoing a phase of transition since the former Prime Minister Nawaz Sharif stepped down from his office after the Supreme Court disqualified him from being a member of National Assembly on July 28. New Prime Minister Shahid Khaqan Abbasi has taken charge of his office but still has no cabinet to assist him in day to day affairs of the government.