SBP reserves increase by $3mn to $7.96bn

November 17, 2022 (MLN): Foreign exchange reserves held by the State Bank of Pakistan (SBP) increased by $3 million to $7.96 billion during the week ended on 11 Nov’22, according to the data released by the Central bank on Thursday.

Reserves held by the commercial bank increased by $72.70mn to $5.84bn.

Meanwhile, the total reserves held by the county increased by $75.20mn to $13.80bn.

It is important to note that, the current level of foreign currency reserves is barely enough to cover 1.16 months of import bills.

According to the news flows SBP Governor Jameel Ahmed said that country has enough reserves to meet foreign obligations.

On the other hand, Pakistan’s benchmark 5-year Credit Default Swap (CDS) reached a historic high of 79.3%, showing investors shaking confidence in the country’s ability to meet foreign obligations.

On the forex front, the Pakistani rupee (PKR) has depreciated by 26 paisa against the US dollar in today's interbank session as the currency settled the trade at Rs222.67 compared to yesterday's closing of 222.41 per USD.

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