KARACHI: The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.
READ MORE: State Bank’s reserves dip to 32-month low at $8.238 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 $11.486 billion.
The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.
READ MORE: Pakistan’s central bank reserves shrink to one month import cover
The central bank 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: SBP’s forex reserves slip 2½-year low to $9.226 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 $10.33 billion.
The commercial banks held foreign exchange to the tune of $5.926 billion by week ended June 30, 2022 when compared with $5.887 billion a week ago, showing an increase of $59 million.
READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion
