Pakistan’s forex reserves ease to $16.15 billion

Pakistan’s forex reserves ease to $16.15 billion

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.

READ MORE: Pakistan’s forex reserves fall to $16.37 billion

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.

READ MORE: Pakistan’s forex reserves dip to $16.55 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.

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

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.

Pakistan forex reserves inch up to $17.045 billion

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