Pakistan’s weekly foreign exchange reserves increased nominally to $13.251 billion by week ended October 14, 2022, State Bank of Pakistan (SBP) said on Thursday.
The country’s foreign exchange reserves were at $13.247 billion by a week ago i.e. October 7, 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 $13.977 billion.
The foreign exchange reserves of the SBP also remained unchanged at $7.597 billion by week ended October 14, 2022 as compared the level 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 $12.549 billion.
Experts said that falling foreign exchange reserves would reverse the recent gain in value of the Pakistani Rupee (PKR). The PKR make a 13-session winning streak. The exchange rate reached to near record low of PKR 239.71 on September 22, 2022 to the dollar but ended at PKR 220.95 on October 20, 2022. Dar recently claimed that the actual value of the dollar is below PKR 200 and he vowed to bring it down.
Earlier, SBP received US$ 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 increased marginally to $5.654 billion by week ended October 14, 2022 as compared with $5.65 billion a week ago.