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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $584 million to a critical level of $6.12 billion, data released on Thursday showed. This is the lowest level of SBP-held reserves since April 2014.

Total liquid foreign reserves held by the country stood at $12 billion as of Dec 16, 2022. Net foreign reserves held by commercial banks stood at $5.88 billion.

“During the week ended on Dec 16, 2022, SBP’s reserves decreased by $584 million to $6.116 billion due to external debt repayment,” said the SBP on Thursday.

Last week, foreign exchange reserves held by the SBP had fallen $15 million to $6.7 billion.

The low level of reserves underscore the urgent need for the resumption of Pakistan’s International Monetary Fund (IMF) programme, which is currently stalled at the level of talks over the ninth review.

Concerns have mounted over Pakistan’s ability to meet debt obligations, especially at a time the country is in the midst of an economic crisis and recovering from devastating floods that killed over 1,700 people.

On Thursday, global ratings agency S&P Global cut Pakistan’s long-term sovereign credit rating by one notch to “CCC+” from “B” to reflect a continued weakening of the country’s external, fiscal and economic metrics.

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Ashfaq Dec 22, 2022 09:49pm
diwaliyaaaaa
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Ashfaq Dec 22, 2022 09:50pm
The Saudi rollover of $3b and China rollover of 2.5bn.....peechay kya rehgaya
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Farhan thakra Dec 23, 2022 04:14am
In the start of April i thought Khan is putting political pressure that we will go default bla bla. But now have seen things become reality and don’t forget We were standing at 22b$ in April 2022 at the time of No confidence motion.
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Sajjad Ilyas Dec 23, 2022 04:56am
There are two main issues facing this country. Corrupt elite and extremism (both thanks to Generals). It seems once economy has been destroyed by ruling elite , politicians and top generals will run away. Leaving the country in the hands of extremist. Future doesnot look good !
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Arshad Iqbal Dec 23, 2022 07:08am
@Ashfaq, choroon ka group
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Arshad Iqbal Dec 23, 2022 07:08am
Choroon ka group
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Zaheer Ali mangi Dec 23, 2022 10:02am
Hello Google people, make me so rich that I can rule the whole world and make me rich with dollars, make me Zardari's father.
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Shah Nawaz Khan Dec 23, 2022 12:10pm
As long as this incompetent government prevails, our country will more downward like a crashed jet.
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Fahad Javed Dec 23, 2022 12:31pm
welcome to the stoneage thanks to our establishment۔ what a shame and disgrace۔
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M.umair Dec 23, 2022 05:07pm
I want to export all varaities of mango. I want a importer from china.
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Fahad Dec 24, 2022 05:06am
@Farhan thakra, but military establishment sole purpose is how to stop Khan coming back to power even at the cost of default
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Alok Dec 25, 2022 12:47pm
My India is having 92 times more reserve than my Pak padausi but the same can not suffice our 2 years of trade deficits which is about 25 billion dollars per month since few months now. I am suggesting indians to substitute imports by indian or cheaper stuffs and services. But no one is listening. I will request Pak public and policy makers to use promote Pak stuffs and services instead of those needing foreign exchange. Pak and SAARC public must be educated that what are the stuffs and services which need forex and what are their pak substitutes. Please note that petroleum/ gas, gold, diamond, silver, electronics, foreign travel, foreign made costly machine of non capital good nature are chief culprits and other imports. They should be substituted by indigenous. I will also request SAARCians to do trade in local currencies so that dollar Or other critical currencies are not depleted. I don't know how many cylinders of LPG pak uses but India uses about 2 billion cylinders of 14.2 kg LPG of INR 5 trillion or 60 billion dollars at petrol's pump price parity levels each year and increasing and the same and in many times more amount can be replaced by solar and electricity Biogas also for which commonly and wrongly used dung and fuel wood can also be used. Same example of replacement is also possible in Pak and rest of the SAARC. There can 100 such ways by which huge amount of precious forex can be saved which can be then used for infrastructure development for making SAARC happy region rather than poorest, most diseased , most polluted and perhaps most unlivable. SAARC jindabad.
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Parth Mesaria Dec 25, 2022 01:43pm
Pakistani is already default and a failed state. But US and other allied countries will help Pakistan and it's already in pipeline.
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Musab Imran Dec 26, 2022 08:59pm
Pakistan has already defaulted in economic terms, roll over of previous loans to the next fiscal year is not "Saving Pakistan". If IMF refuses to make a deal, we have to announce to default alongside Sri Lanka and Ghana.
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Musab Imran Dec 26, 2022 09:02pm
@Parth Mesaria, Believe me they will not. We blamed those who helped us and wasted the same resources we were begging for. In the end, we will crawl back to their laps for another help. We are in a vicious cycle which is now hardly escapable.
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