Foreign reserves held by the State Bank of Pakistan (SBP) witnessedoutflows of $241 million in the week that ended on February 11, 2022,depicting a 1.4 percent dip on a week-on-week basis.
The central bank’s weekly report released on Thursday revealed that thecountry’s total liquid foreign exchange reserves went down by $230.7million on February 11, 2022, to $23.49 billion, compared to $23.72 billionin the previous week. SBP’s reserves decreased by $241 million to $17.09billion, compared to $17.33 billion a week earlier.
Meanwhile, the net foreign reserves held by the commercial banks stood at$6.39 billion, depicting a decrease of $9.7 million on a weekly basis.
While the central bank hasn’t explained the reason behind this week’s forexslip, global economic trends suggest various inflationary pressures willcontinue to pile more pressure on individual economies as the worldstruggles to control the ongoing oil crisis.
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Meanwhile, the Pakistani Rupee (PKR) posted gains against the US Dollar onThursday’s interbank close. It gained 28 paisas against the dollar, 86paisas against the Euro (EUR), 31 paisas against the Canadian Dollar (CAD),and 7 paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED).
