Islamabad January 5 2023: SBP foreign exchange reserves for the week ending December 30th 2022, were decreased by USD 245 million to lowest level since April 2014, as per data released by the Central Bank.
During the year forex exchange reserves dropped by USD 12.1 billion, according to data of Central Bank. Pakistan run Current Account Deficit of USD 11.4 billion in first eleven months of calendar year 2022.
Central bank reserves decline on payment of external debt, according to the statement issued by the Central Bank. According to the data, this is the lowest level of central bank reserves since 11th April 2014.
Saudi Arabia and China were set to beef up Pakistan’s foreign exchange reserves much before the close of this month, Finance Minister Ishaq Dar said on Wednesday.
He said the International Monetary Fund (IMF) programme would be completed at all costs, China and Saudi Arabi would enhance their support, government-to-government (G2G) disinvestments would be completed, and the current account deficit would be about USD 3 billion less than earlier projections.
All debt repayments are on track and country’s foreign exchange reserves are expected to increase in second half of the current fiscal year, said Governor State Bank of Pakistan (SBP), Jameel Ahmad.
At present, SBP reserves stand at the level of USD 5,577 million as of 30th December 2022, compared to USD 6,822 million at the end of the week ending 23rd December 2022.
During the same period, foreign exchange reserves held by commercial banks decreased by USD 39 million to the level of USD 5,846 million as of 30th December 2022.
Overall reserves held by the country witnessed decrease of USD 285 million to USD 11,423 million during the week ended 30th December 2022.