ISLAMABAD: The foreign exchange reserves with the State Bank of Pakistan have dropped below $9 billion by June 10, 2022. At present, the central bank reserves are at the lowest level since November 22, 2019.
In a press statement issued Thursday evening, SBP said that its foreign exchange reserves have further declined by 2.6% on a weekly basis.
On June 10, the foreign currency reserves held by the SBP closed at $8.98 billion, indicating $241 million decline in comparison with $9.226 reserves on June 3.
Overall liquid foreign currency reserves held by the country, including net reserves of the SBP, stood at $14.943 billion. The reserves held by the commercial banks operating in Pakistan amounted to $5.957 billion.
On Thursday (June 16), the value of Pakistani Rupee further depreciated by 0.58 percent against the US Dollar (USD), closing a record high level of Rs. 207.67 in the inter-bank after losing Rs. 1.21 value.
The country’s reserves are in free-fall for weeks as the government struggles to reach an agreement with the International Monetary Fund (IMF) over the release of a $1 billion tranche. Friendly countries are also reluctant to lend a helping hand till a deal is concluded with the global lender.
