KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell two years low to $9.72 billion by week ended May 27, 2022, a statement said on Thursday.
The SBP foreign exchange reserves were at $10.089 billion a week ago i.e. May 20, 2022. The central bank said that its reserves were decreased by $366 million to $ 9.723 billion due to external debt repayment.
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The SBP’s foreign exchange reserves were at $9.96 billion on June 19, 2020.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.423 billion by week ended May 27, 2022 from touching the peak on August 27, 2021.
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The official reserves of the SBP also reduced to payment for 1.46 months for import cover.
Overall the foreign exchange reserves of the country declined by $379 million to $15.771 billion by week ended May 27, 2022 as compared with $16.150 billion a week ago.
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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 $11.547 billion.
The foreign exchange held by commercial banks witnessed a slight decline of $13 million to $6.048 billion by week ended May 27, 2022 as compared with $6.061 billion a week ago.
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