As recently as October of last year, Pakistan’s foreign exchange reserves stood at an all-time record high of $24 billion. Since then, however, a combination of the rapidly increasing international price of oil and an uptick in our import bill have caused our reserves to plunge, with the State Bank of Pakistan now holding at $16.5 billion with another $5 billion held by commercial banks. In response, the SBP is now borrowing dollars from local…