ISLAMABAD – Pakistan Foreign Exchange reserves register massive setback inthe month of March.
Foreign exchange reserves of the country continued to witness a steepdecline in the month of March which saw a decline of over $1.51 billion.
According to the statistics updated by the State Bank of Pakistan (SBP),the foreign exchange reserves declined by $804 million in the week endingon March 27. In the previous week, the reserves declined by $690 million.
The significantly alarming decline in reserve situation put pressure on theRupee which once touched a level of 169 in the interbank market, the lowestlevel in its history.
The central bank made a payment of $441 million in the closing week on theaccount of debt payment and other official heads whereas it also paid offan amount of $391 million in the previous week on the same account.
The foreign exchange reserves declined to $17.3 billion from $18.9 billionduring March.
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The reserves level of the central bank also decreased to $11.1 billion from$12.7 billion.
Meanwhile, foreign exchange reserves maintained by commercial banks sawinflows of $89 million which increased to $6.201 billion by the end ofMarch 27.
The situation of foreign exchange is going to danger level again if itdepletes in an alarmingly way provided the country receives fresh flowsfrom various avenues including foreign assistance from InternationalMonetary Fund, Asian Development Bank, World Bank and etc.
