KARACHI: Pakistan’s foreign exchange reserves fell by $91 million to $13.522 billion by week ended August 19, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.613 billion a week ago i.e. August 12, 2022.
READ MORE: Pakistan’s forex reserves increase by $52 million
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 $13.703 billion.
The official foreign exchange reserves of the State Bank witnessed a decline of $87 million to $7.81 billion by week ended August 19, 2022 as against $7.897 billion a week ago.
READ MORE: Pakistan’s reserves plunge 43-month low to $13.56 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 $12.336 billion.
The country is hoping to receive a $1.17 billion tranche under Extended Fund Facility (EFF) from the International Monetary Fund (IMF). This will help Pakistan to boost its foreign exchange reserves.
READ MORE: Pakistan’s foreign reserves dip to $14.21 billion
A meeting of IMF executive board is scheduled on August 29, 2022 to approve the tranche for the country.
The foreign exchange reserves held by commercial banks also slipped by $4 million to $5.712 billion by week ended August 19, 2022 when compared with $5.716 billion a week ago.
READ MORE: Pakistan forex reserves deplete to $14.42 billion
