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Foreign exchange reserves held by the State Bank of Pakistan (SBP) declined a further $754 million, clocking in at $8.58 billion during the week ended July 22, 2022, a fall attributed "mainly to external debt and other payments".

Data released on Thursday revealed total liquid foreign reserves held by Pakistan stood at $14.42 billion as of July 22, while net foreign reserves held by commercial banks amounted to $5.84 billion.

"During the week ended on 22-Jul-2022, SBP’s reserves decreased by US$ 754 million to US$ 8,575.1 million due to external debt and other payments," stated the SBP.

The reserves' position is critical for Pakistan which is desperately seeking dollar inflows to meet its balance-of-payments needs. A low level of reserves has also caused severe pressure on its currency market, with the rupee touching record lows throughout the ongoing week.

Earlier this month, Pakistan reached a staff-level agreement with the International Monetary Fund (IMF) over fresh disbursement under its Extended Fund Facility (EFF), but inflows are not expected until next month.

At the same time, its reserves position has remained under two months of import cover, with the government, as well as the SBP, introducing various measures to cut down on dollar expenses.

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Rebirth Jul 29, 2022 04:48am
The actual rate of USD/PKD is probably 190. We’re being told that political stability or general elections is the answer to our economic woes. If so, and if the winner is who we can all see is likely to win, then we must prepare for economic sanctions. There’ll be domestic instability as well because it won’t be asymmetrical intervention on the political front next time around, since that has clearly failed at this stage. Our economy will suffer just as much as it is suffering now, but possibly more. Without a proper strategy and considering every scenario in different war-gaming models, heading into general elections isn’t very smart. The expected winner cannot sustain the fallout as his inexperienced team proved to be completely devoid of the most basic skill set required to govern the country, at a time of complete peace and stability. A late-90s, early 2000s or 2010s kind of situation will be hard for him to manage just as he couldn’t manage a relatively stable and growing economy.
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