KARACHI: The liquid foreign exchange reserves of the country fell by $663 million during the week ended September 17, 2021.
The State Bank of Pakistan (SBP) on Thursday said that the foreign exchange reserves of the country fell to $26.402 billion by week ended September 17, 2021 as compared with $27.065 billion a week ago.
The official foreign exchange reserves of the SBP also fell by $480 million to $19.543 billion by week ended September 17, 2021 as compared with $20.023 billion a week ago.
The State Bank said that the decline in foreign exchange reserves were mainly due to external payments.
The foreign exchange reserves held by commercial bank came down by $183 million to $6.859 billion by week ended September 17, 2021 as compared with $7.042 billion a week ago.
The decline in foreign exchange reserves reflects the persistent pressure on Pakistan’s external account amid rising import payments and debt servicing obligations. Economists believe that maintaining adequate reserves is crucial for ensuring exchange rate stability and meeting international payment requirements. Analysts also emphasized the importance of increasing exports, attracting foreign direct investment, and securing external financing support to strengthen the country’s reserve position and improve investor confidence in the economy during the coming months.
