KARACHI: Pakistan official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022.
The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022.
Previously, the SBP reserves were seen at $7 billion in April 2014.
READ MORE: SBP foreign exchange reserves fall to $7.5 billion
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
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.
READ MORE: Pakistan forex reserves inch up to $13.796 billion
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 $13.431 billion.
The total reserves of the country fell by $796 million to $12.582 billion by week ended December 02, 2022 as compared with $13.378 billion a week ago.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
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 $14.646 billion.
The foreign exchange reserves held by commercial banks also recorded a decline of $12 million to $5.867 billion by week ended December 01, 2022 as compared with $5.879 billion a week ago.
