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HomeBusinessSBP’s foreign exchange reserves fall further $584 million to $6.12

SBP’s foreign exchange reserves fall further $584 million to $6.12

Plummeting economic condition as reserves fall lowest since April 2014

The economic condition of the country has been plummeting as the foreign exchange reserves of Pakistan have reached a record low since April 2014.

State Bank of Pakistan’s (SBP) Foreign exchange reserves have fallen by another $584 million to a critical level of $6.12 billion.

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According to information issued by the Central Bank on Thursday, the foreign exchange reserves have decreased by another $584 million reaching a crucial level of $6.12 billion.

This fall in reserves has brought foreign exchange reserves to lowest in around nine years. Since April 2014 SBP-held reserves have never been low to this level.

Total liquid foreign reserves held by the country stood at $12 billion as of December 16, 2022 out of which net foreign reserves held by commercial banks stood at $5.88 billion.

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“During the week ended on Dec 16, 2022 SBP’s reserves decreased by $584 million to $6.116 billion due to external debt repayment,” said the SBP on Thursday.

Last week also foreign exchange reserves held by the SBP had fallen $15 million to $6.7 billion.

 

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