KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.
The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.
The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.
The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.
The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.
The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.