Pakistan’s foreign exchange reserves shrink to $17.48 bn

Pakistan’s foreign exchange reserves shrink to $17.48 bn

KARACHI: Pakistan’s foreign exchange reserves have declined to $17.48 billion by week ended April 01, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country fell by $1077 million to $17.477 billion by week ended April 01, 2022 as compared with $18.554 billion a week ago i.e. March 25, 2022.

The official reserves of the SBP fell by $728 million to $11.319 billion by week ended April 01, 2022 as compared with $12.047 billion a week ago.

The central bank said that decline in reserves to debt repayment and government payment pertaining to settlement of an arbitration award related to a mining project.

The foreign exchange reserves held by commercial banks also recorded a decline of $349 million to $6.158 billion by week ended April 01, 2022 from $6.507 billion a week ago.

READ MORE: Pakistan’s weekly forex reserves deplete by $2.88 billion

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