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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $341 million, clocking in at an alarming level of $8 billion as of September 23, 2022, according to data released on Thursday.

Total liquid foreign reserves held by the country stood at $13.76 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.76 billion.

“During the week ended on September 23, 2022, SBP’s reserves decreased by $341 million to $8,005.9 million due to external debt repayment,” said the SBP.

SBP-held foreign exchange reserves decline $278mn to $8.35bn

Earlier this month, SBP's reserves had increased as the central bank received the $1.2-billion tranche from the International Monetary Fund (IMF).

Later, the Saudi Development Fund also rolled over a $3-billion deposit with the SBP, an amount that was due to mature in December 2022. However, this development was not meant to increase foreign exchange as the amount was already part of SBP's reserves.

The reserves’ position is critical for Pakistan that has been desperately seeking dollar inflows to meet its balance-of-payments needs.

A low level of reserves caused severe pressure on its currency market with the rupee witnessing its worst monthly performance in July in over 50 years. The rupee gained some ground as Pakistan met all prior conditions of the IMF, a development that helped it secure $1.17 billion of inflow under the Extended Fund Facility (EFF), but came under pressure once again as floods hit and import restrictions eased.

The local currency has staged a recovery this week, closing at Rs229.63 per dollar on Thursday, as markets factored in the return of Ishaq Dar as finance minister, with the bullish trend prevailing due to sentiment.

Comments

Comments are closed.

Anonymous Sep 29, 2022 10:12pm
of this $8b, $1.2b have come from the IMF -- making it 6.8b 2.5b were rolled over by China earlier this year -- making it 4.3b 3b were due to be mature by December 2022 -- making it 1.1 another 1b bond is due in December -- it has to be paid Alll in all, we have 100 million left....and we have to make interest payments on ongoing loans. WE ARE OFFICIALLY BANKRUPT. THIS IS NOT A CASE OF DEFAULT. IT IS BANKRUPTCY
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Dr.Abdul Ghafoor Awan Sep 29, 2022 10:30pm
Such type of comments should be avoided as these show lack of trust in the country. The debt-to- GDP ratio is of US is more than Pakistan but no American ever commented that their country has become bankrupt.
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Anza Sep 30, 2022 12:23am
We can avoid this situation if Govt ,finance ministry and the central bank is sincere.
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Hello Sep 30, 2022 01:14am
(If we deduct 3b deposit by saudi, we are already $ -3b by this year end !!) ,
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Hello Sep 30, 2022 01:15am
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Hello Sep 30, 2022 01:17am
@Anonymous, $3bn deposit from ksa??
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Pakistani Sep 30, 2022 01:45am
@Hello, this was rolled over...so it doesnt have to be paid back
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Malik Sep 30, 2022 05:34am
Dollar came down due to act of some brokers and will move up again in 5 to 10 days, it is going to hit 300 this year
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Malik Sep 30, 2022 05:36am
@Dr.Abdul Ghafoor Awan, rubbish. Pakistan is going to gutter and people like you are still trying to put head in the sand
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MUNISH KUMAR Sep 30, 2022 04:17pm
@Dr.Abdul Ghafoor Awan, don't think you are American. Us $ still goes every where. There export at the highest. IMF give us$not napaki currency
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MUNISH KUMAR Sep 30, 2022 04:19pm
@Malik, yes you are right. They are bakistani but comparing with USA. COMPARE YOUR CURENCY FIRST. USA IS NOT A BEGGER LIKE YOU
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