ISLAMABAD – Pakistan Foreign Exchange Reserve has suffered major blow inthe last week.
In the week ending as of December 21, an outflow of $591 million wasrecorded from foreign exchange reserves. This was mainly due todebt-servicing or repayment of loans, and other official payments,according to State Bank of Pakistan (SBP).
Before this week, the country received an impressive amount of $1 billionfrom Saudi Arabia as part of a financial assistance package. Despite themajor receipts into the foreign exchange reserves, the central bank paid anamount of $212 million this week.
Foreign exchange may witness handsome inflows in the next few months fromfriendly countries including KSA, UAE, and China, though the outflows areexpected to remain consistent on the account of debt-servicing.
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Right now, foreign reserves held by the SBP stand at $ 7.457 billion whilstnet foreign reserves held by commercial banks stand at $ 6.5 billion.
