As the country awaits funding from the IMF, the Pakistani rupee hit a historic low against the dollar while the Central Bank hiked interest rates to 20%, the highest in Asia.

Foreign exchange reserves at the State Bank of Pakistan have dropped to levels not enough to cover a month of imports.

The government hope that by bringing in new tariffs and taxes, the latest wave of IMF funding will be released.

(Picture: A Pakistani stockbroker monitors the latest share prices development during a trading session at the Pakistan Stock Exchange (PSX) in Karachi, Pakistan, 01 March 2023. Credit: Photo by REHAN KHAN/EPA-EFE/REX/Shutterstock)