KARACHI: Pakistan’s total foreign exchange reserves continued to deplete and recorded another fall of $284 million to reach at $11.42 billion by week ended December 30, 2022, State Bank of Pakistan (SBP) said on Thursday.
(more…)Tag: Foreign Exchange Reserves
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Pakistan’s official forex reserves fall to alarming level of $5.82 billion
KARACHI: Pakistan’s official foreign exchange reserves have fallen to an alarming level of $5.82 billion by week ended December 23, 2023, according to data released on Thursday.
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Pakistan’s official forex reserves plummet to about one month import cover
KARACHI: Official foreign exchange reserves of Pakistan have reduced to provide about one month import cover, according to data released by the State Bank of Pakistan (SBP).
The official foreign exchange reserves of the State Bank fell to $6.12 billion by week ended December 16, 2022.
READ MORE: Pakistan foreign exchange reserves ease to $12.57 billion
Whereas, the import bill of the country for the month of November 2022 was recorded at $5.18 billion, according to Pakistan Bureau of Statistics (PBS).
This shows the official foreign exchange reserves of the country have capacity to provide import cover for only 1.2 months. The benchmark foreign exchange reserves of a central bank should be at a level to provide three months import cover.
READ MORE: Pakistan official forex reserves plunge multi years low to $6.72 billion
The central bank said that its foreign exchange reserves fell by $584 million to $6.12 billion by week ended December 16, 2022 when compared with $6.70 billion a week ago i.e. December 09, 2022.
State Bank attributed the decline in official reserves to external debt repayment. The current level of reserves witnessed multi years low as the SBP reserves were seen at $7 billion in April 2014.
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 $14.026 billion.
The total foreign exchange reserves of the country slipped by $570 million to $12 billion by week ended December 19, 2022 when compared with $12.57 billion a week ago.
READ MORE: SBP foreign exchange reserves fall to $7.5 billion
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 $15.228 billion.
The foreign exchange reserves held by commercial banks however recorded a nominal increase of $10 million to $5.88 billion by week ended December 16, 2022 as compared with $5.87 billion a week ago.
The critical low level of the foreign exchange reserves may further put pressure on the exchange rate, said analysts at KASB Research.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
Plummeting foreign exchange reserves amidst high debt servicing obligations will likely exert considerable pressure on the Pak Rupee (PKR).
As per the SBP, REER has again crossed the 100 mark, driven by Pakistan’s high inflation environment.
As debt servicing exerts additional pressure on the PKR, the analysts believed the currency may depreciate to PKR 265 to the US dollar by end of the current fiscal year.
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Pakistan foreign exchange reserves ease to $12.57 billion
KARACHI: Pakistan foreign exchange reserves have eased by $12 million to $12.57 billion by week ended December 09, 2022, State Bank of Pakistan (SBP) said on Thursday.
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Pakistan official forex reserves plunge multi years low to $6.72 billion
KARACHI: Pakistan official foreign exchange reserves have plunged to multi years low to $6.72 billion by week ended December 02, 2022.
The official reserves of State Bank of Pakistan (SBP) fell by $784 million to $6.715 billion by week ended December 02, 2022 when compared with $7.499 billion a week ago i.e. November 25, 2022.
Previously, the SBP reserves were seen at $7 billion in April 2014.
READ MORE: SBP foreign exchange reserves fall to $7.5 billion
The central bank said that during the week ended December 02, 2022, SBP reserves decreased by $ 784 million to $ 6,714.9 million.
This decline is on account of the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
Some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB), the SBP added.
The import bill of the country was at $5.24 billion in November 2022, according to Pakistan Bureau of Statistics (PBS). For the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.47 months import payment.
READ MORE: Pakistan forex reserves inch up to $13.796 billion
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 $13.431 billion.
The total reserves of the country fell by $796 million to $12.582 billion by week ended December 02, 2022 as compared with $13.378 billion a week ago.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
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 $14.646 billion.
The foreign exchange reserves held by commercial banks also recorded a decline of $12 million to $5.867 billion by week ended December 01, 2022 as compared with $5.879 billion a week ago.
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SBP foreign exchange reserves fall to $7.5 billion
KARACHI: Official foreign exchange reserves of State Bank of Pakistan (SBP) have declined by $327 million by week ended November 25, 2022 leaving import cover of only one and half months.
The official foreign exchange reserves of the SBP fell by $327 million to $7.499 billion by week ended November 25, 2022 as compared with $7.826 billion a week ago.
READ MORE: Pakistan official reserves fall to around 1 ½ months import coverage
The import bill of the country was at $4.71 billion in October 2022, according to Pakistan Bureau of Statistics (PBS). According to the month import bill the existing foreign exchange reserves of the SBP have reduced to cover only 1.56 months import payment.
The central bank attributed the decline in official reserves to repayment against external debt.
READ MORE: Pakistan forex reserves inch up to $13.796 billion
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 $12.647 billion.
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase after inflows from the Asian Development Bank (ADB) $1.5 billion on October 26, 2022.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
The total reserves of the country fell by $267 million to $13.378 billion by week ended November 25, 2022 as compared with $13.645 billion a week ago.
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 $13.850 billion.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The foreign exchange reserves held by commercial banks however, recorded an increase of $60 million to $5.879 billion by week ended November 25, 2022 as compared with $5.819 billion a week ago.
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Pakistan official reserves fall to around 1 ½ months import coverage
KARACHI: Pakistan’s official foreign exchange reserves have declined significantly, now covering only one and a half months of import payments, as per data released by the State Bank of Pakistan (SBP) on Thursday.
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Pakistan forex reserves inch up to $13.796 billion
KARACHI: Foreign exchange (forex) reserves of Pakistan inched up by $75 million to $13.796 billion by week ended November 11, 2022, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $13.721 billion a week ago i.e. November 04, 2022.
READ MORE: Pakistan FX reserves slip sharply by $958 mn on external payments
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 $13.432 billion.
The official foreign exchange reserves of the State Bank nominally increased by $3 million to 7.96 billion by week ended November 11, 2022 as compared with $7.957 billion a week ago.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
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 $12.185 billion.
READ MORE: Pakistan’s weekly forex reserves increase nominally
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase a week ago after the Asian Development Bank (ADB) released the fund amounting $1.5 billion to Pakistan on October 26, 2022.
The foreign exchange reserves held by commercial banks recorded an increase of $72 million to $5.836 billion by week ended November 11, 2022 as compared with $5.764 billion a week ago.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
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Pakistan FX reserves slip sharply by $958 mn on external payments
KARACHI: Pakistan foreign exchange reserves slipped sharply by $958 million by week ended November 08, 2022 owing to external payments, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country have been recorded at $13.721 billion by week ended November 04, 2022 as compared with $14.679 billion a week ago i.e. October 28, 2022.
READ MORE: Pakistan FX reserves rise to $14.69 billion after ADB transfer
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 $13.507 billion.
The official foreign exchange reserves of the State Bank plunged by $958 million to $7.957 billion by week ended November 04, 2022 as compared with $8.913 billion a week ago.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The SBP attributed the decline to external debt servicing. “Major external debt repayments executed during the week includes repayment of government commercial loans. Refinancing of these loans is in process which will improve foreign exchange reserves in coming weeks,” the central bank added.
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 $12.189 billion.
READ MORE: Pakistan’s weekly forex reserves increase nominally
It is pertinent to mention that the SBP’s reserves witnessed sizeable increase a week ago after the Asian Development Bank (ADB) released the fund amounting $1.5 billion to Pakistan on October 26, 2022.
The foreign exchange reserves held by commercial banks flat at $5.764 billion by week ended November 04, 2022 when compared with $5.766 billion a week ago.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
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Pakistan FX reserves rise to $14.69 billion after ADB transfer
KARACHI: Pakistan foreign exchange reserves have increased by $1.527 billion to $14.69 billion by week ended October 28, 2022 after transfer of funds from Asian Development Bank (ADB).
The country’s foreign exchange reserves increased to $14.689 billion by week ended October 28, 2022 as compared with $13.162 billion a week ago i.e. October 21, 2022, State Bank of Pakistan (SBP) said on Thursday.
READ MORE: SBP’s weekly forex reserves dip by $157 million to $7.44 billion
The ADB released the fund amounting $1.5 billion to Pakistan on October 26, 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 $12.539 billion.
The official foreign exchange reserves of the State Bank also increased by $1.473 billion to $8.913 billion by week ended October 28, 2022 when compared with $7.44 billion a week ago.
READ MORE: Pakistan’s weekly forex reserves increase nominally
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 $11.233 billion.
READ MORE: Pakistan’s forex reserves continue to fall; deplete to $13.25 billion
Previously, the central bank received $1.16 billion from the International Monetary Fund (IMF) under Extended Fund Facility (EFF) program, which increased the official reserves to $8.8 billion. But scheduled repayment gradually depleted the official reserves of the central bank.
READ MORE: Pakistan’s forex reserves decline to $13.59 billion
The foreign exchange held by commercial banks witnessed an increase of $44 million to $5.766 billion by week ended October 28, 2022 as against $5.722 billion a week ago.