The central bank’s currency reserves have dipped to $4 billion, enough to cover payments for oil and other imports for about two months. As it became clear over the past two days that the Chinese were not going to provide a cushion for Pakistan, the rupee slumped to a record low.
I was sort of hoping the Chinese were going to cough up. I mean, they are giving the US money without conditions, why not spare Pakistan a few billion? Not that I think that would have helped Pakistan in the long run, but there is only so much excitement I can take at one time.