KARACHI: Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 2022.
READ MORE: Pakistan FX reserves rise to $14.69 billion after ADB transfer
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 $13.507 billion.
The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.
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 $12.189 billion.
READ MORE: Pakistan’s weekly forex reserves increase nominally
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase a week ago after the Asian Development Bank (ADB) released the fund amounting $1.5 billion to Pakistan on October 26, 2022.
The foreign exchange reserves held by commercial banks flat at $5.764 billion by week ended November 04, 2022 when compared with $5.766 billion a week ago.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
