Pakistan’s forex reserves fall to $16.37 billion

Pakistan’s forex reserves fall to $16.37 billion

KARACHI: Pakistan’s foreign exchange reserves fell by $177 million to $16.376 billion by week ended May 6, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The foreign exchange reserves of the country were $16.553 billion by week ended April 30, 2022.

READ MORE: Pakistan’s forex reserves dip to $16.55 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 $10.852 billion.

The official reserves of the State Bank witnessed a decline of $190 million to $10.309 billion by week ended May 6, 2022 as compared with $10.499 billion a week ago.

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

The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $9.836 billion after reaching record high.

The official reserves of the SBP have been reduced to provide import payment cover for only 1.56 months.

The foreign exchange reserves of held by commercial banks however inched up by $13 million to $6.067 billion by week ended May 6, 2022 as compared with $6.054 billion a week ago.

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