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Tag: Foreign Exchange Reserves

  • Pakistan’s forex reserves decline to $15.24 billion

    Pakistan’s forex reserves decline to $15.24 billion

    KARACHI: Pakistan’s foreign exchange reserves have declined by $368 million to $15.242 billion by week ended July 15, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were $15.61 billion a week ago i.e. July 07, 2022.

    READ MORE: Pakistan’s forex reserves drop to $15.61 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 $11.986 billion.

    The official reserves of the State Bank also depleted by $388 billion to $9.329 billion by week ended July 15, 2022 as compared with $9.717 billion a week ago.

    READ MORE: Pakistan’s forex reserves deplete to $15.74 billion

    The SBP attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: State Bank’s reserves dip to 32-month low at $8.238 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 declined by $10.817 billion.

    The commercial banks held foreign exchange increased to $5.913 billion by week ended July 15, 2022 when compared with $5.893 billion a week ago, showing a rise of $20 million.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

  • Pakistan’s forex reserves drop to $15.61 billion

    Pakistan’s forex reserves drop to $15.61 billion

    KARACHI: The foreign exchange reserves of Pakistan have dropped by $132 million to $15.61 billion by week ended July 07, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $15.742 billion a week ago i.e. June 30, 2022.

    READ MORE: Pakistan’s forex reserves deplete to $15.74 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 $11.618 billion.

    The official reserves of the State Bank also recorded a decline of $99 million to $9.717 billion by week ended July 7, 2022 as compared with $9.816 billion a week ago.

    READ MORE: State Bank’s reserves dip to 32-month low at $8.238 billion

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

    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 declined by $10.429 billion.

    The commercial banks held foreign exchange to the tune of $5.893 billion by week ended July 7, 2022 when compared with $5.5.926 billion a week ago, showing a decrease of $33 million.

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

  • Pakistan’s forex reserves deplete to $15.74 billion

    Pakistan’s forex reserves deplete to $15.74 billion

    KARACHI: The foreign exchange reserves of Pakistan have depleted by $454 million to $15.742 billion by week ended June 30, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves of the country were at $16.196 billion a week ago i.e. June 24, 2022.

    READ MORE: State Bank’s reserves dip to 32-month low at $8.238 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 $11.486 billion.

    The official reserves of the State Bank also recorded a decline of $493 million to $9.816 billion by week ended June 30, 2022 as compared with $10.309 billion a week ago.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

    The central bank attributed the decline in foreign exchange reserves to external debt repayments.

    It is pertinent to mention that the SBP received about $2.3 billion from Chinese banks for buildup of foreign exchange reserves. However, despite receiving the amount the external debt payment kept the pressure on the reserves.

    READ MORE: SBP’s forex reserves slip 2½-year low to $9.226 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 declined by $10.33 billion.

    The commercial banks held foreign exchange to the tune of $5.926 billion by week ended June 30, 2022 when compared with $5.887 billion a week ago, showing an increase of $59 million.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

  • State Bank’s reserves dip to 32-month low at $8.238 billion

    State Bank’s reserves dip to 32-month low at $8.238 billion

    KARACHI: The official foreign exchange reserves of State Bank of Pakistan (SBP) have decreased around 32-month low at $8.238 billion by week ended June 17, 2022, official data revealed on Thursday.

    The official reserves of the central bank fell by $747 million to $8.238 billion by week ended June 17, 2022 as compared with $8.985 billion by week ended June 10, 2022.

    Previously, the foreign exchange reserves of the SBP were seen on November 01, 2019 when those were at $8.358 billion.

    READ MORE: Pakistan’s central bank reserves shrink to one month import cover

    Considering the current official reserves of the State Bank at $8.238 billion, the import cover is only for 1.21 months.

    The central bank attributed the decline in foreign exchange reserves for external debt repayments. However, SBP reserves are expected to increase in coming days on realization of proceeds of China Development Bank (CDB) loan, 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.

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

    Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.91 billion by week ended June 17, 2022 from touching the peak on August 27, 2021.

    The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

    The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.

    The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.21 billion by week ended June 17, 2022. Previously, the foreign exchange reserves of the country were seen at $14.259 billion by week ended July 5, 2019.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

    The country’s foreign exchange reserves have fallen by $733 million to $14.21 billion by week ended June 17, 2022 as compared with $14.943 billion a week ago i.e. June 10, 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 $13.018 billion.

    The foreign exchange held by commercial banks however slightly up by $14 million to $5.972 billion by week ended June 17, 2022 as compared with $5.958 billion a week ago.

    READ MORE: Moody’s changes Pakistan’s outlook to negative

  • Pakistan’s central bank reserves shrink to one month import cover

    Pakistan’s central bank reserves shrink to one month import cover

    KARACHI: The official reserves of Pakistan’s central bank have declined to provide about one month import cover, according to official data released on Thursday.

    The official foreign exchange reserves of the State Bank of Pakistan (SBP) fell by $241 million to $8.985 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago i.e. June 03, 2022.

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

    The present level of the SBP’s reserves showed that the central bank has import cover for around only one months.

    Pakistan’s import bill for the month of May 2022 recorded at $6.777 billion, according to Pakistan Bureau of Statistics (PBS).

    The latest foreign exchange reserves of the SBP showed it fell around 2½ years low. 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.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

    Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $11.16 billion by week ended June 10, 2022 from touching the peak on August 27, 2021.

    The country is facing serious balance of payment crisis during the past many months. The foreign exchange reserves of the central bank have seen a constant decline.

    The falling foreign exchange reserves also put pressure on the local currency. The Pakistani Rupee (PKR) is also depreciating to record low against the US dollar on daily basis.

    The rupee fell to a fresh historic low at Rs207.67 to the dollar at interbank foreign exchange closing on June 16, 2022.

    READ MORE: Moody’s changes Pakistan’s outlook to negative

    The country was expecting inflows from various sources but so far those were not materialized so far. The country also making all efforts to resume IMF program to obtain about $ 1 billion next tranche under Extended Fund Facility (EFF).

    The total foreign exchange reserves of Pakistan have declined to around three-year low at $14.94 billion by week ended June 10, 2022. Previously, the foreign exchange reserves of the country were seen at $14.86 billion by week ended July 19, 2019.

    The country’s foreign exchange reserves have fallen by $233 million to $14.943 billion by week ended June 10, 2022 as compared with $15.176 billion a week ago i.e. June 03, 2022.

    READ MORE: Pakistan’s headline inflation up by 13.8% in May 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 $12.285 billion.

    The foreign exchange held by commercial banks however slightly up by $8 million to $5.958 billion by week ended June 10, 2022 as compared with $9.226 billion a week ago.

  • 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.

    READ MORE: SBP’s forex reserves fall two-year low to $9.72 billion

    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.

    READ MORE: Moody’s changes Pakistan’s outlook to negative

    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.

    READ MORE: Pakistan’s headline inflation up by 13.8% in May 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 $12.052 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.

    READ MORE: Raw materials excluded from import banned items list

  • SBP’s forex reserves fall two-year low to $9.72 billion

    SBP’s forex reserves fall two-year low to $9.72 billion

    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.

    READ MORE: Moody’s changes Pakistan’s outlook to negative

    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.

    READ MORE: Pakistan’s headline inflation up by 13.8% in May 2022

    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.

    READ MORE: Raw materials excluded from import banned items list

    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.

    READ MORE: Pakistan’s high growth threatened by fiscal imbalances

  • Pakistan’s forex reserves ease to $16.15 billion

    Pakistan’s forex reserves ease to $16.15 billion

    KARACHI: Pakistan’s foreign exchange (forex) reserves eased to $16.15 billion by week ended May 20, 2022, State Bank of Pakistan (SBP) said on Thursday.

    The foreign exchange reserves were at $16.161 billion a week ago i.e. May 13, 2022.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $11.078 billion.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    The official reserves of the State Bank witnessed a decline of $178 million to $10.089 billion by week ended May 20, 2022 as compared with $10.164 billion a week ago.

    The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $10.056 billion after reaching record high.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    The official reserves of the SBP have been reduced to provide import payment cover for only 1 ½ months.

    The foreign exchange reserves of held by commercial banks however inched up by $64 million to $6.061 billion by week ended May 20, 2022 as compared with $5.997 billion a week ago.

    Pakistan forex reserves inch up to $17.045 billion

  • FAP suggests incentive to undeclared $3 billion

    FAP suggests incentive to undeclared $3 billion

    People have an undeclared amount of $2 billion to $3 billion foreign currency in their homes and personal bank lockers. They want to exchange with Pakistani Rupee (PKR) but due to certain restrictions they are unable to bring it out. The government should provide legal shelter for declaration of concealed dollars, which will help to boost the foreign exchange reserves.

    READ MORE: Pakistan’s forex reserves fall to $16.37 billion

    Malik Muhammad Bostan, President, Forex Association of Pakistan (FAP) commented these at a conference on present economic woes, especially falling rupee and depletion of foreign exchange reserves.

    “Many people taking advantage of Economic Reform Act purchased huge amount of dollars from the local market during the period of 1993 to 2008 and deposited in the banks of foreign countries or retained the dollars at their homes or lockers,” he said.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    Prior to year 2008, there were many unlicensed money exchange companies were operating under Economic Reform Act. Those exchange companies were allowed to sale and purchase foreign currency without ‘Know Your Customer (KYC)’. SBP licensed exchange companies were required to conduct KYC on sale/purchase of above $10,000.

    “Now those people want to sale their dollars through KYC but without identification,” he said, adding that the under Financial Action Task Force (FATF) conditions, the banks are required to obtain identification on sale/purchase of above $15,000.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    “If this condition is relaxed then exchange companies will able to purchase huge amount of dollars and other foreign currency from public,” Bostan said.

    FAP President said the government should allow purchase of gold from local market. “They may sale gold in international market and surrender foreign currency in the local market.”

    Pakistan forex reserves inch up to $17.045 billion

    There is need to channelize foreign currency invested in cryptocurrency, he said and demanded that the government should provide legal cover to bring foreign currency back home.

    He suggested that banks should stop forward dollar selling and should be allowed to sale dollar equivalent to purchase.

    Bostan said the State Bank of Pakistan (SBP) should imposed 100 per cent cash margin on all imports except for necessary items.

    Pakistan’s forex reserves deplete to $17.03 billion

  • Pakistan’s forex reserves fall to $16.37 billion

    Pakistan’s forex reserves fall to $16.37 billion

    KARACHI: Pakistan’s foreign exchange reserves fell by $177 million to $16.376 billion by week ended May 6, 2022, according to data released by the State Bank of Pakistan (SBP) on Thursday.

    The foreign exchange reserves of the country were $16.553 billion by week ended April 30, 2022.

    READ MORE: Pakistan’s forex reserves dip to $16.55 billion

    The country’s foreign exchange reserves hit record high at $27.228 billion by week ended August 27, 2021. Since then the foreign exchange reserves have depleted by $10.852 billion.

    The official reserves of the State Bank witnessed a decline of $190 million to $10.309 billion by week ended May 6, 2022 as compared with $10.499 billion a week ago.

    READ MORE: SBP forex reserves shrink to 1.69 months import cover

    The SBP reserves reached to record high at $20.145 billion by August 27, 2021. The official reserves also fell by $9.836 billion after reaching record high.

    The official reserves of the SBP have been reduced to provide import payment cover for only 1.56 months.

    The foreign exchange reserves of held by commercial banks however inched up by $13 million to $6.067 billion by week ended May 6, 2022 as compared with $6.054 billion a week ago.