February 02, 2023 (MLN): The foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded ten years low, dropped by $592.2 million to stand at $3.08 billion during the week ended on January 27, 2023, data published by the SBP on Thursday showed.

To note, during the week ended on December 03, 2013, SBP reserves were estimated at $2.96bn.

Similarly, commercial bank reserves depicted a decrease of $119.3mn to $5.65bn.

Total reserves of the country depleted by $711.5mn to $8.74bn, the data revealed.

It is important to note that the current level of foreign currency reserves is barely enough to cover 0.64 months of import bills.

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Posted on: 2023-02-02T20:03:37+05:00