The foreign exchange reserves held by the State Bank of Pakistan (SBP) reached almost nine years low level due to slow foreign inflows and continued external debt servicing.
According to the weekly report issued on Thursday, the SBP’s foreign exchange reserves further declined by $245 million during the last week.
Foreign exchange reserves held by the SBP declined to $5.577 billion as on Dec 30, 2022 compared to $5.822 billion as of Dec 23, 2022. The decline in the reserves is due to external debt repayments, the SBP said.
Analyst said that current Level of SBP’s foreign exchange reserves is lowest since April 2014. In addition with current decline, the SBP’s reserves are also even now lower than commercial banks.
