KARACHI: The foreign exchange reserves of Pakistan have declined by $173 million to $13.59 billion by week ended September 30, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.762 billion a week ago i.e. September 23, 2022.
READ MORE: State Bank’s forex reserves shrink to $8 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 $13.639 billion.
The foreign exchange reserves of the SBP also declined by $106 million to $7.9 billion by week ended September 30, 2022 as compared with $8 billion a week ago.
READ MORE: Pakistan’s forex reserves slip to $14.07 billion
The SBP attributed the decline in foreign exchange reserves due to external debt repayment which includes interest payments on Eurobonds.
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 $12.246 billion.
Experts said that falling foreign exchange reserves would reverse the recent gain in value of the Pakistani Rupee (PKR).
READ MORE: Pakistan FX reserves slip to $14.32 billion
The US dollar weakened against the Pakistani Rupee (PKR) for the 10th consecutive sessions on Thursday amid tight monitoring of foreign currency transactions.
The exchange rate witnessed an appreciation of 17.77 in rupee value against the dollar during the last 10 straight sessions.
READ MORE: Pakistan’s FX reserves increase by $1.07bn after IMF inflows
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion.
The foreign exchange reserves held by commercial banks fell by $67 million to $5.689 billion by week ended September 30, 2022 as compared with $5.756 billion a week ago.
