Tag: Foreign Exchange Reserves

KARACHI: The foreign exchange reserves of State Bank of Pakistan (SBP) dropped to dangerous level of $3.089 billion, according to official data released on Thursday.

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KARACHI: Pakistan’s total foreign exchange reserves inched up by $256 million by week ended January 13, 2023, State Bank of Pakistan (SBP) said on Thursday.

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KARACHI: Official foreign exchange reserves of State Bank of Pakistan (SBP) fell to only $4.34 billion by week ended January 06, 2023, according to a statement issued on Thursday.

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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.

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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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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.

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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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.