Rising current account deficit depleting forex reserves: SBP''s reserves fall by $2 billion in first half.

Byline: RIZWAN BHATTI

The rising current account deficit is rapidly depleting the country''s foreign reserves and had absorbed about $2 billion from the State Bank of Pakistan''s reserves in the first half of current fiscal year. Sources in banking sector told Business Recorder on Monday that continuing decline in reserves might again force Pakistan to approach the International Monetary Fund (IMF) for a new program for its current account payments.

The country''s current account balance posted a current account deficit of $2.154 billion during first half (July-Dec) of the current fiscal year, compared with only $8 million in same period of last fiscal year, …