SBP Reserves Decline For Third Straight Week
According to data released by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves experienced a weekly decline of 1.7 percent.
As of May 12, the SBP’s foreign currency reserves amounted to $4.312 billion, reflecting a decrease of $72 million compared to the previous week’s reserves of $4.383 billion. The SBP attributed this decline to external debt repayment, as stated in their official statement.
Considering the overall liquid foreign currency reserves in the country, which includes reserves held by banks other than the SBP, the total stood at $9.938 billion. This represents a decrease of $53 million from the previous week. Notably, the net reserves held by banks amounted to $5.6626 billion, indicating an increase of $19 million during the week.
These figures indicate that Pakistan’s current reserves are insufficient to cover even one month’s worth of imports.
It is worth mentioning that Pakistan is facing a repayment obligation of $3.7 billion by the end of June 2023. However, the Ministry of Finance recently reassured that arrangements have been made for the rollover or repayment of this debt, alleviating concerns regarding the repayment. The ministry also highlighted that significant inflows are expected during this period.
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