The central bank, MMA, has said that USD50 million will be required a month in addition of income for foreign currency expenses.

Speaking at a meeting of the Parliament's Public Accounts Committee today, MMA Deputy Governor Ahmed Imad said that there will be challenges in the near future for foreign currency transactions.

He said the gross reserves stood at USD 588.8 million at the end of February as per MMA's norms to maintain the country's foreign exchange reserves and the gross reserves are expected to remain the same by the end of this month.

The MMA's target is to keep USD 600 million in gross reserves by the end of the year, Imad said, adding that while the MMA's targets have retained gross reserves for the past two months, it will need money to continue to do so in the future.