KARACHI – Amid the ongoing political chaos in Pakistan, foreign exchange reserves held by the State Bank of Pakistan (SBP) have plunged to 10.45 percent, an alarming level and a four-year low.
According to the data released by the central bank, SBP's foreign currency reserves were recorded at $6,714.9 million on December 2, down by $784 million compared to $7,825.7 on November 25.
Pakistan foreign exchange reserves have fallen below $7 billion for the first time since January 2019.
The current reserves stand at around $6.7 billion — almost equal to $6.6 billion on January 18, 2019.
Overall liquid foreign currency reserves held by the country — including net reserves held by banks other than the SBP — stood at $12,581.7 million.
Net reserves held by banks amounted to $5,866.8 million. The central bank attributed the decline to the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.
The SBP mentioned that some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB).
With the current foreign exchange reserves position, Pakistan has an import cover of less than one month.
The $6.7 billion reserves are not enough to service the $8.8 billion principal and interest payments during the January-March period of the current fiscal year.
Pakistani rupee remained stable against the US dollar, and other currencies in the open market on Friday.
On Friday, the US dollar remained stable and was being quoted at 283.2 for buying and 286.15 for selling.
Euro comes down to 308 for buying and 311 for selling. British Pound rate dropped to 358.5 for buying, and 362 for selling.
UAE Dirham AED witnessed slight drop and new rate stands at 77.4 whereas the Saudi Riyal remained stable at 76.
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||358.5||362|
|Hong Kong Dollar||HKD||36.41||36.71|
|New Zealand Dollar||NZD||174.54||176.54|
Gold price in Pakistan increased as the yellow metal witnessed an upward trend in the international market.
On Friday, the price of a single tola of 24-karat gold stands at Rs217,400 and 10 grams of 24k gold costs Rs186,390.
Single tola of 22 Karat Gold costs Rs199,282, 21 karat rate for per tola is Rs190,225 and 18k gold rate is Rs163,050 each tola.
In the global market, gold prices hover at around $2026, gaining $8.30 on Friday.
Today Gold Price in Pakistan (8 December 2023)
|Lahore||PKR 217,400||PKR 2,583|
|Karachi||PKR 217,400||PKR 2,583|
|Islamabad||PKR 217,400||PKR 2,583|
|Peshawar||PKR 217,400||PKR 2,583|
|Quetta||PKR 217,400||PKR 2,583|
|Sialkot||PKR 217,400||PKR 2,583|
|Attock||PKR 217,400||PKR 2,583|
|Gujranwala||PKR 217,400||PKR 2,583|
|Jehlum||PKR 217,400||PKR 2,583|
|Multan||PKR 217,400||PKR 2,583|
|Bahawalpur||PKR 217,400||PKR 2,583|
|Gujrat||PKR 217,400||PKR 2,583|
|Nawabshah||PKR 217,400||PKR 2,583|
|Chakwal||PKR 217,400||PKR 2,583|
|Hyderabad||PKR 217,400||PKR 2,583|
|Nowshehra||PKR 217,400||PKR 2,583|
|Sargodha||PKR 217,400||PKR 2,583|
|Faisalabad||PKR 217,400||PKR 2,583|
|Mirpur||PKR 217,400||PKR 2,583|