Karachi January 20 2021: Foreign exchange reserves held by State Bank of Pakistan decline by USD 562 million during the the week ending 14th January 2022, as per data released by the Central Bank. This is the sixth consecutive decline in reserves held by SBP.
The main reason of this decline in foreign exchange reserves could be the higher commodity imports.
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 17.036 billion as of 14th January 2022 compared to USD 17.598 billion at the end of week ending 7th January 2022.
During the same period, foreign exchange reserves held by commercial banks increase by USD 11 million to the level of USD 6.314 billion as of 14th January 2022.
Overall reserves held by country witnessed decline of USD 552 million during the month of 17th December 2021.
