Karachi February 3 2021: Foreign exchange reserves held by State Bank of Pakistan decline by USD 1,959 billion since start of 2022 as per data released by the central bank on Thursday 3rd February 2022.
During the week ending 28th January 2022, SBP reserves decline by USD 463 million This is the eigth consecutive decline in reserves held by SBP.
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During the current Pakistan received an amount of USD 1 billion raised through issuance of sukuk at the rate of 7.95 percent. While another Pakistan is likely to receive another USD 1 billion due to successful sixth review of Extended Fund Facilty by IMF executive board.
The main reason of this decline in foreign exchange reserves are higher commodity imports and debt repayment.
At the week ending August 27, the foreign exchange reserves held by the state bank increased to an all-time high of USD 20.15 billion as Pakistan received general allocation of Special Drawing Rights (SDRs) worth USD 2,751.8 million from the International Monetary Fund (IMF) on August 24 2021.
At present, SBP reserves stands at the level of USD 15.727 billion as of 28th January 2022 compared to USD 16.190 billion at the end of week ending 21st January 2022.
During the same period, foreign exchange reserves held by commercial banks increase by USD 65 million to the level of USD 6.356 billion as of 28th January 2022.
Overall reserves held by country witnessed decline of USD 552 million during the month of 17th December 2021.
