SBP reserves drop to critical level of $5.8bn
MG News | December 29, 2022 at 11:16 PM GMT+05:00
December 29, 2022 (MLN): Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $294million to $5.8 billion during the week ended on December 23, 2022, the lowest since April 2014, according to the data released by the central bank on Thursday.
Reserves held by the commercial bank slightly moved up by $1mn to clock in at $5.9bn.
Meanwhile, the total reserves held by the country shrank by $293mn to $11.7bn.
It is important to note that, the current level of foreign currency reserves is barely enough to cover the import bill of 35 days.
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