FX reserves sink to $16bn: SBP

MG News | May 19, 2022 at 10:07 PM GMT+05:00

0:00

May 19, 2022 (MLN): The total liquid foreign exchange reserves held by the country decreased by $214.7 million or 1.3% WoW to stand at the lowest level of $16.16 billion since Dec 06, 2019, during the week ended on May 13, 2022, compared to $16.37bn 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 $145mn or 1.4% WoW to clock in at the lowest level of $10.16bn since June 19, 2020, mainly due to external debt payments.

Meanwhile, the reserves of commercial banks moved down by $69.6mn or 1.1% WoW to $5.9bn.

It is important to note that, the current level of foreign currency reserves is barely enough to cover 1.52 months of imports.

The continues decline in foreign exchange reserves has created strong spell of currency depreciation as it helped dollar to complete its double century against the Pakistani rupee (PKR) today. The local unit has lost 1.6 rupees to close the trade at PKR 200 per USD.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	152,201.88 337.87M	0.81% 1226.39
ALLSHR	93,333.01 1,041.78M	0.63% 582.91
KSE30	46,354.00 158.71M	0.84% 385.24
KMI30	219,250.79 236.83M	1.31% 2837.51
KMIALLSHR	62,498.40 513.98M	0.82% 508.16
BKTi	41,750.30 67.72M	-0.30% -125.00
OGTi	30,885.11 21.61M	1.32% 402.44

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	112,095.00	112,440.00 111,150.00	710.00 0.64%
BRENT CRUDE	68.03	69.24 67.76	-1.11 -1.61%
RICHARDS BAY COAL MONTHLY	89.50	0.00 0.00	-0.50 -0.56%
ROTTERDAM COAL MONTHLY	96.55	96.55 96.50	0.00 0.00%
USD RBD PALM OLEIN	1,106.50	1,106.50 1,106.50	0.00 0.00%
CRUDE OIL - WTI	64.37	65.72 64.14	-1.22 -1.86%
SUGAR #11 WORLD	16.18	16.23 16.05	0.03 0.19%