Karachi June 16 2022: Foreign exchange reserves held by State Bank of Pakistan registered decline for the 8th consecutive week to the level last witnessed in November 2019 and is enough to cover country import bill for less than 40 days.
Pakistan foreign exchange reserves hit high of USD 20.145 billion on 27th August 2021 and the reserves are down more than 50 percent from that point. While Rupee fall almost 20 percent since 27th August 2022 as of today closing.
For the week ending 10th June, 2022, Reserves held with SBP down by USD 241 million to USD 8.985 billion as per data released by the Central Bank.
The main reason of this decrease in foreign exchange reserves is external debt repayments.
Pakistan imported goods of USD 59.8 billion and services of USD 9.3 billion during the period from July to April, as per data published by State Bank of Pakistan.
At present, SBP reserves stands at the level of USD 8.985 billion as of 10th June 2022 compared to USD 9.226 billion at the end of week ending 3rd June 2022.
During the same period, foreign exchange reserves held by commercial banks increased by USD 7 million to the level of USD 5.957 billion as of 10th June 2022.
Overall reserves held by country witnessed a decrease of USD 234 million during the week ended 10th June 2022.
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