SBP forex reserves shrink to 1.69 months import cover

SBP forex reserves shrink to 1.69 months import cover

KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) reduced to provide only 1.69 months covers for import payment.

According to details released by the SBP, the official reserves of the central bank fell by $328 million to $10.558 billion by week ended April 23, 2022 as compared with $10.886 billion a week ago.

READ MORE: Pakistan forex reserves inch up to $17.045 billion

The import bill of Pakistan was $6.425 billion in March 2022. On the basis of import bill in March 2022 the import cover is only for 1.69 months.

The SBP attributed the decline in official foreign exchange reserves to external debt and other payments.

The total foreign exchange reserves of the country declined by $377 million during the week under review.

The foreign exchange reserves of the country fell to $16.668 billion by week ended April 23, 2022 as compared with $17.045 billion by week ended April 16, 2022.

Meanwhile, the foreign exchange reserves held by commercial banks fell by $49 million to $6.11 billion by week ended April 23, 2022 as compared with $6.159 billion a week ago.

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