KARACHI: Pakistan foreign exchange reserves have eased by $12 million to $12.57 billion by week ended December 09, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $12.582 billion a week ago i.e. December 02, 2022.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $14.658 billion.
READ MORE: Pakistan official forex reserves plunge multi years low to $6.72 billion
Whereas the official foreign exchange reserves of the State Bank also slipped by $15 million to $6.7 billion by week ended December 9, 2022 as compared with $6.715 billion a week ago.
The official reserves of the country fell to multi years low to $6.70 billion by week ended December 09, 2022.
Previously, the SBP reserves were seen at $7 billion in April 2014.
A week earlier, the central bank stated that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
READ MORE: SBP foreign exchange reserves fall to $7.5 billion
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
The import bill of the country was at $5.24 billion in November 2022, according to Pakistan Bureau of Statistics (PBS). For the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.47 months import payment.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since then the official reserves of the SBP dropped by $13.446 billion.
The foreign exchange reserves held by commercial banks however recorded a nominal increase of $3 to $5.87 billion by week ended December 09, 2022 as compared with $5.867 billion a week ago.
READ MORE: Pakistan forex reserves inch up to $13.796 billion
