ISLAMABAD: The foreign exchange reserves of the State Bank of Pakistan have depleted to an alarmingly low level _ $6.71 billion by Dec 2, 2022 raising concerns among businessmen and corporate experts.
On Dec 2, 2022, the central bank has paid back $1 billion Sukuk bonds as a result of which the reserves have fallen to dangerous level even after receiving $500 million from the Asian Infrastructure Investment Bank.
Since 209, for the first time the SBP’s reserves have declined to below $7 billion. On Jan 18, 2019, the central bank’s reserves amounted to $6.6 billion.
Total foreign exchange reserves of Pakistan, including commercial banks, amount to $12.58 billion by Dec 2 as banks are holding $5.86 billion reserves at this time.
Another worth noting point is that since the formation of the coalition government, after dismissal of Imran Khan, the reserves of SBP never crossed $10 billion mark and stayed much below this level.
Governor State Bank of Pakistan Jameel Ahmed, however, said that the government is capable of paying all the upcoming foreign loans and there is no risk of default.
He said that the reserves of Pakistan will increase during the second half of this fiscal year _ Jan to June 2023.
