Saturday, October 1, 2022

Pak: Foreign currency reserves held by State Bank of Pakistan (SBP) fall USD 87Mn to USD 7.8Bn

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Data issued by the SBP on Thursday showed a decline of USD 87 million in the foreign currency reserves held by the State Bank of Pakistan (SBP), which were recorded at USD 7.81 billion.

The central bank shared a breakdown of the foreign reserves position, stating that the SBP’s foreign currency reserves were recorded at USD 7.81 billion, down USD 87 million from USD 7.89 on August 19.

“During the week ended on August 19, 2022, SBP’s reserves decreased by USD 87 million to USD 7,809.9 million,” the SBP said in a statement.

The SBP reported on Thursday that Pakistan’s liquid foreign reserves were USD 13.52 billion, with commercial banks also holding USD 5.71 billion in net foreign reserves.

“The sharp decline in reserves due to external debt and other payments,” said SBP. Pakistan is currently experiencing a crippling economic crisis, and the worsening political unrest is raising concerns about the government’s capacity to move forward with difficult decisions and address the systemic economic structural problems that are causing the country’s recurrent balance-of-payments crisis.

The International Monetary Fund (IMF) also reports that Pakistan’s economy is falling to approximately 3.5% due to declining economic conditions and the average inflation rate reaching a peak of nearly 20% by the conclusion of the current fiscal year.

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