KARACHI: Former Finance Minister and PTI leader Shaukat Tarin said Wednesday country’s foreign exchange reserves were declining sharply owing to increasing political instability.

“Dollar’s shortage has increased immensely because there is no supply,” Tarin said while talking to reporters, adding that there were three main reasons for this hindrance in global currency’s supply.

“State Banks issues currency when the Letters of Credit (LCs) are open. Today, that money is suspended,” he said.

Former Minister said that those who were unable to get the letter credits were buying dollars from market at a much costly rate. “They (government) can’t reach out to the Capital market,” he maintained.

Shaukat Tarin maintained that friendly countries were reluctant to even lend money to Pakistan. “They have lost two third of the elections. They kicked us out in a stupid manner,” he said.