Pakistan’s liquid foreign reserves witnessed massive outflows of $1 billionin the week that ended on April 7, 2022, depicting a 5.8 percent decline ona week-on-week basis.
The SBP weekly report released on Thursday revealed that the country’stotal liquid foreign exchange reserves went down by $1.077 billion (-5.8%)on April 7, 2022, to $17.47 billion, compared to $18.55 billion in theprevious week. The SBP reserves decreased by $728.1 million to $11.32billion (-6%), compared to $12.04 billion a week earlier.
The central bank’s reserves have dropped to their lowest level since June26, 2020, when they stood at $11.23 billion.
Meanwhile, the net foreign reserves held by the commercial banks stood at$6.1 billion, depicting a sharp decrease of $349.5 million on a weeklybasis.
Read Top Stories
This decline reflects repayment of external debt, including paymentpertaining to the settlement of an arbitration award related to a miningproject.
Meanwhile, the Pakistani Rupee (PKR) continued its record-breaking fallagainst the US Dollar (USD). It lost Rs. 2.09 against the dollar, Rs. 2.34against the Euro (EUR), and Rs. 3.31 against the Pound Sterling (GBP)during Thursday’s interbank close.
