SBP reserves decrease by $14.9mn to $6.70bn

December 15, 2022 (MLN): Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $14.9million to $6.70 billion during the week ended on December 9, 2022, according to the data released by the Central bank on Thursday.

Reserves held by the commercial bank showed a slight increase of $3.4mn to clock in at $5.87bn.

Meanwhile, the total reserves held by the country decreased by $11.5mn to $12.57bn.

It is important to note that, the current level of foreign currency reserves is barely enough to cover 1.277 months of import bills.

Earlier today, Pakistan signed a total of $2.7 billion in loans with the Asian Development Bank (ADB) in 2022, Federal Minister for Economic Affairs Sardar Ayaz Sadiq said.

In addition, "Minister for Economic Affairs Ayaz Sadiq and ADB DG Yevgeniy Zhukov witnessed the signing of 5 loans worth $772.6 million by Sec EAD Kazim Niaz and ADB DCD Asad Aleem for flood reconstruction, skill development, power transmission, irrigated agriculture projects across Pakistan”, ADB Pakistan informed today while taking its official twitter handle.

Moreover, on December 14, 2022, the ADB approved a $100mn loan to improve Technical and Vocational Education and Training (TVET) in Punjab province in Pakistan.

To note, in November 2022, workers’ remittances recorded an inflow of $2.1 billion.

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