KARACHI: Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.
READ MORE: Pakistan’s forex reserves drop to $15.61 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 $11.986 billion.
The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.
READ MORE: Pakistan’s forex reserves deplete to $15.74 billion
The SBP attributed the decline in foreign exchange reserves to external debt repayments.
It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.
READ MORE: State Bank’s reserves dip to 32-month low at $8.238 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 declined by $10.817 billion.
The commercial banks held foreign exchange increased to $5.913 billion by week ended July 15, 2022 when compared with $5.893 billion a week ago, showing a rise of $20 million.
READ MORE: Pakistan’s central bank reserves shrink to one month import cover