SBP’s forex reserves slip 2½-year low to $9.226 billion

SBP’s forex reserves slip 2½-year low to $9.226 billion

KARACHI: The official foreign exchange reserves of the State Bank of Pakistan (SBP) have slipped 2½-year low to $9.226 billion by week ended June 03, 2022, according to official statistics released on Thursday.

On weekly basis the official reserves of the central bank fell by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.

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The State Bank said that its foreign exchange reserves were declined due to external debt repayment.

Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.

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 $10.92 billion by week ended June 03, 2022 from touching the peak on August 27, 2021.

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Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by week ended June 03, 2022 as compared with $15.771 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 $12.052 billion.

The foreign exchange held by commercial banks also fell by $98 million to $5.95 billion by week ended June 03, 2022 as compared with $6.048 billion a week ago.

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