SBP-held foreign exchange reserves fall another $59mn, now stand at $10.5bn
- Total liquid foreign reserves held by the country stood at $16.55 billion as of 30-April-2022
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased another $59 million to $10.5 billion, said the central bank on Friday, with the level staying at less than two months of import cover.
Total liquid foreign reserves held by the country stood at $16.55 billion as of 30-April-2022, added the SBP. Reserves held by commercial banks clocked in at $6.05 billion.
Foreign exchange reserves held by SBP fall $328mn, now stand at $10.56b
"During the week ended April 30, 2022, SBP's reserves recorded a decline of $59 million to $10,499.0 million due to external debt payments," said the SBP in its note.
Reserves held by the SBP have been on a declining trend with Pakistan desperately seeking revival of the International Monetary Fund (IMF) programme, hoping it will pave way for lending from other sources as well.
With the current account deficit topping $1 billion, market experts have voiced concern over Pakistan's balance of payments. The rupee has also come under pressure, falling another 0.5% on Friday to close at 186.63 against the US dollar in the inter-bank market.
Comments
Comments are closed for this article.