Pakistan foreign exchange reserves hit 28 month low

Pakistan foreign exchange reserves hit 28 month low

*KARACHI: Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $190 million to $10.308 billion during the week ended on May 6, data released by the central bank showed on Friday.*

The country’s total foreign reserves, including net reserves of commercial banks, dipped to $16.375 billion, the central bank said.

Net foreign reserves held by commercial banks were US$ 6.067 billion.

Total liquid foreign #reserves link held by the country stood at US$ 16.38 billion as of May 06, 2022. For details: link link

— SBP (@StateBank_Pak) May 13, 2022 link

The foreign exchange reserves of the country were $16.553 billion by week ended April 30, 2022.

After attaining a peak of $20bn in August 2021, the SBP reserves hit a 23-month low while the country’s total forex stocks also slumped to a 28-month low during the week ending on May 6.

The falling reserves put pressure on the domestic currency as it plunged to an all-time low of Rs191.77 in the interbank market.