The foreign reserves held by the State Bank of Pakistan (SBP) witnessedsubstantial outflows of $869 million in the week that ended on March 18,2022, depicting a 5.49 percent decline on a week-on-week basis.
The SBP weekly report released on Thursday revealed that the country’stotal liquid foreign exchange reserves went down by $843.7 million (-3.78%)on March 18, 2022, to $21.44 billion, compared to $22.28 billion in theprevious week. The SBP reserves decreased by $869.2 million to $14.96billion, compared to $15.83 billion a week earlier.
Meanwhile, the net foreign reserves held by the commercial banks stood at$6.4 billion, showing an increase of $25.5 million on a weekly basis.
The decline in foreign exchange is attributed to the payment against debtservicing to various lenders and other payments.
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On the flip side, the Pakistani Rupee (PKR) halted losses against the USDollar on the interbank close on Thursday. Conversely, it lost 32 paisasagainst the Canadian Dollar (CAD), 38 paisas against the Pound Sterling(GBP), and Rs. 1.31 against the Australian Dollar (AUD).
