Pakistan’s weekly forex reserves deplete by $2.88 billion

Pakistan’s weekly forex reserves deplete by $2.88 billion

KARACHI: Pakistan’s foreign exchange reserves have depleted by $2.88 billion in a week to $18.554 billion by week ended March 25, 2022, State Bank of Pakistan (SBP) said on Thursday.

The foreign exchange reserves of the country were $21.44 billion by week ended March 18, 2022.

READ MORE: Pakistan’s foreign exchange reserves fall to $21.44 billion

This is seventh consecutive week when the country’s foreign exchange reserves have witnessed consistent decline. The liquid foreign exchange reserves of Pakistan have declined by $5.167 billion since February 04, 2022, when the reserves were at $23.721 billion.

READ MORE: Pakistan’s forex reserves dip to $22.283 billion

The official foreign exchange reserves of the State Bank recorded a decline of $2.915 billion to $12.047 billion by week ended March 25, 2022 as compared with $14.962 billion a week ago i.e. March 18, 2022.

READ MORE: SBP’s reserves slip by $250 million on foreign payments

The SBP attributed the decline to repayment of external debt, including repayment of a major syndicated loan facility from China. The rollover of this syndicated facility is being processed and is expected shortly.

The foreign exchange reserves held by commercial banks however recorded a nominal increase of $30 million to $6.507 billion by week ended March 25, 2022 as compared with $6.477 billion a week ago.

READ MORE: Pakistan’s forex reserves decline to $22.875 billion

Leave a Reply

You have to agree to the comment policy.