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.
KARACHI - Following are the foreign currency exchange rates for US Dollar, Saudi Riyal, UK Pound Sterling, U.A.E. Dirham, European Euro, and other foreign currencies in Pakistan open market on February 02, 2023 (Thursday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||335.5||336.2|
|Hong Kong Dollar||HKD||34.19||34.54|
|New Zealand Dollar||NZD||173.25||175.25|
KARACHI – The price of a single tola of 24-karat gold in Pakistan is Rs207,100 on Thursday. The price of 10 grams of 24k gold was recorded at Rs175,670.
Likewise, 10 grams of 22k gold were being traded for Rs164,500 while a single tola of 22-karat gold was being sold at Rs 179,100.
Note: The gold rate in Pakistan is fluctuating according to the international market so the price is never been fixed. The below rates are provided by local gold markets and Sarafa Markets of different cities.
|Lahore||PKR 207,100||PKR 2,420|
|Karachi||PKR 207,100||PKR 2,420|
|Islamabad||PKR 207,100||PKR 2,420|
|Peshawar||PKR 207,100||PKR 2,420|
|Quetta||PKR 207,100||PKR 2,420|
|Sialkot||PKR 207,100||PKR 2,420|
|Attock||PKR 207,100||PKR 2,420|
|Gujranwala||PKR 207,100||PKR 2,420|
|Jehlum||PKR 207,100||PKR 2,420|
|Multan||PKR 207,100||PKR 2,420|
|Bahawalpur||PKR 207,100||PKR 2,420|
|Gujrat||PKR 207,100||PKR 2,420|
|Nawabshah||PKR 207,100||PKR 2,420|
|Chakwal||PKR 207,100||PKR 2,420|
|Hyderabad||PKR 207,100||PKR 2,420|
|Nowshehra||PKR 207,100||PKR 2,420|
|Sargodha||PKR 207,100||PKR 2,420|
|Faisalabad||PKR 207,100||PKR 2,420|
|Mirpur||PKR 207,100||PKR 2,420|