Pakistan’s forex reserves dip to $16.55 billion

Pakistan’s forex reserves dip to $16.55 billion

KARACHI: Pakistan’s foreign exchange reserves fell by $115 million to $16.553 billion by week ended April 30, 2022, according to data released by the State Bank of Pakistan (SBP) on Friday.

The foreign exchange reserves of the country were $16.668 billion a week ago i.e. April 30, 2022.

READ MORE: SBP forex reserves shrink to 1.69 months import cover

The official foreign exchange reserves of the SBP declined by $109 million to $10.449 billion by week ended April 30, 2022 as compared with $10.558 billion a week ago.

The official reserves of the central bank witnessed a consistent decline during past couple of months due to external debt repayments. The SBP reserves have declined below two-month cover for import payments.

The foreign exchange reserves held by commercial banks also fell by $56 million to $6.054 billion from previous week’s level of $6.11 billion.

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