Pakistan forex reserves inch up to $17.045 billion

Pakistan forex reserves inch up to $17.045 billion

KARACHI: Pakistan’s foreign exchange reserves inched up by $17 million to $17.045 billion by week ended April 16, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were at $17.028 billion a week ago.

The official foreign exchange reserves of the State Bank also improved by $36 million to $10.886 billion by the week ended April 16, 2022 as compared with $10.85 billion a week ago.

The foreign exchange held by commercial banks, however, fell by $19 to $6.157 billion by week ended April 16, 2022 as compared with $6.178 billion a week ago.

Pakistan’s foreign exchange reserves have declined by around $10 billion in the past seven months owing to extreme pressure of dollar demand for import payments and external repayment of government debt.

The country’s foreign exchange reserves hit an all-time high of $27.228 billion on August 27, 2021.

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