December 2, 2022 (MLN): The State Bank of Pakistan (SBP) reserves so far decreased by 30% during Prime Minister Shahbaz Sharif’s tenure.

Currently, SBP reserves stood at $7.499 billion as compared to $10.850bn as of 8th Apr’22.

Similarly, forex reserves held by commercial banks dropped by 5% or $299 million to stand at $5.879bn.

Meanwhile, overall country’s reserves dropped by 21% or $3.649bn to $13.379bn.

To note, the country in a few days has to make a payment of $1bn against Sukuk maturing on 5th Dec’22.

At present, overall reserves held by the country stood at $13.38bn during the week ended on 25 Nov’22.

It is important to note that, the current level of foreign currency reserves is barely enough to cover 1.43 months of import bills.

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Posted on: 2022-12-02T12:11:18+05:00