KARACHI: Pakistan’s foreign exchange reserves slipped by $247 million to $14.07 billion by week ended September 16, 2022, State Bank of Pakistan (SBP) said on Thursday.
The total liquid foreign exchange reserves of the country were at $14.317 billion a week ago i.e. September 09, 2022.
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 $13.158 billion.
The SBP said that its official reserves also fell by $278 million to $8.346 billion by week ended September 16, 2022 as compared with $8.624 billion a week ago.
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 dropped by $11.71 billion.
Experts said that falling foreign exchange reserves would further pressurize the local currency, which was already near to the record low lever despite inflows received from the International Monetary Fund (IMF).
Earlier this month, SBP received US$ 1,166 million from IMF under EFF program, which increased the official reserves to $8.8 billion
The foreign exchange reserves held by commercial banks however increased by $31 million to $5.724 billion by week ended September 16, 2022 as compared with $5.693 billion a week ago.