Pakistan’s foreign exchange reserves fall to $21.44 billion

Pakistan’s foreign exchange reserves fall to $21.44 billion

KARACHI: Pakistan’s foreign exchange reserves have declined by $843 million to $21.44 billion by week ended March 18, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were $22.283 billion a week ago i.e. March 11, 2022.

READ MORE: Pakistan’s forex reserves dip to $22.283 billion

The foreign exchange reserves are continuously falling since February 04, 2022. The country’s foreign exchange reserves have declined by around $2.28 billion during past six weeks till March 18, 2022. The foreign exchange reserves of the country have reached record high at $27.228 billion by week ended August 27, 2021.

READ MORE: SBP’s reserves slip by $250 million on foreign payments

The official foreign exchange reserves of the SBP fell by $869 million to $14.963 billion by March 18, 2022 as compared with $15.832 billion a week ago. The SBP attributed the decline in foreign exchange reserves to external payments.

READ MORE: Pakistan’s forex reserves decline to $22.875 billion

The foreign exchange reserves held by commercial banks witnessed a nominal increase of $24 million to $6.477 billion by week ended March 18, 2022 as compared with $6.453 billion a week ago.

READ MORE: Pakistan’s foreign exchange reserves dip to $23.226 bn

Miftah Ismail, Former Finance Minister, in a tweet said a $2.3 billion decrease in SBP foreign exchange reserves in six weeks. SBP reserves have come down from $17.3 billion on February 4 to $14.96 today.

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