Thousands of containers packed with essential food items, raw materials, and medical gear have been held up at Pakistan’s Karachi port as the country grapples with a desperate foreign exchange crisis.

A shortage of crucial dollars has left banks refusing to issue new letters of credit for importers, hitting an economy already pressed by soaring inflation and lackluster growth.

“I have been in the business for the past 40 years and I have not witnessed a worse time,” said Abdul Majeed, an official with the All Pakistan Customs Agents Association.

He was speaking from an office near Karachi port, where shipping flasks are stuck waiting for payment guarantees — packed with lentils, pharmaceuticals, diagnostic gear, and chemicals for Pakistan’s manufacturing industries.

“We’ve got thousands of containers stuck at the port because of the shortage of dollars,” said Maqbool Ahmed Malik, chairman of the customs suggestion, adding that operations were down at least 50%.

State bank forex reserves this week dwindled to less than $6 billion — the lowest in nearly nine years — with obligations of more than $8 billion due in the first quarter alone.

According to analysts, the reserves are enough to pay for around a month of imports.