FX reserves dip by $595mn WoW to stand at $15.18bn

By MG News | June 10, 2022 at 12:39 AM GMT+05:00

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June 10, 2022 (MLN): The total liquid foreign exchange reserves held by the country dropped by $595 million or 3.8% WoW to stand at the lowest level of $15.18 billion since Oct 25, 2019, during the week ended on June 3, 2022, compared to $15.77bn in the previous week, weekly data released by the State Bank of Pakistan (SBP) on Thursday showed.

The data further revealed that reserves held by the central bank during the week dipped by $497mn or 5.1% WoW to clock in at the lowest level of $9.2bn since Nov 29, 2019, mainly due to external debt repayments.

Similarly, the reserves of commercial banks went down by $98mn or 1.6% WoW to $5.95bn.

Meanwhile, it is important to note that, the current level of foreign currency reserves is barely enough to cover 1.35 months of imports.

On the forex front, the Pakistani rupee (PKR) has managed to gain 75 paisa after witnessing a volatile session and settled the trade at PKR 200.77 per USD.

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