KARACHI: The foreign exchange (FX) reserves of Pakistan have declined by $119 million to $13.40 billion by week ended August 26, 2022, the State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.522 billion by week ended August 19, 2022.
READ MORE: Pakistan’s forex reserves fall to $13.52 billion
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 $13.825 billion.
The official foreign exchange reserves of the State Bank witnessed a decline of $113 million to $7.697 billion by week ended August 26, 2022 as against $7.810 billion a week ago.
READ MORE: Pakistan’s forex reserves increase by $52 million
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 $12.449 billion.
The central bank said it had received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s foreign exchange reserve position for the week ending on September 02, 2022.
READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 billion
The SBP received the tranche after the IMF executive board approved the seventh and eighth reviews in its meeting held on August 29, 2022.
The foreign exchange reserves held by commercial banks also slipped by $6 million to $5.706 billion by week ended August 26, 2022 when compared with $5.712 billion a week ago.
READ MORE: Pakistan’s foreign reserves dip to $14.21 billion
