KARACHI – The State Bank of Pakistan’s foreign exchange reserves on Thursday further declined by $294 million to $5.8 billion — their eight years’ low — making it even more difficult for the country to repay its foreign debts.
Pakistan has been facing a crucial scenario as the reserves are not enough to service its huge foreign debt.
On the other side, Federal Finance Minister Ishaq Dar insists Pakistan will not default, the situation on the ground is not supporting his assertions.
Total liquid foreign #reserves held by the country stood at US$ 11.71 billion as of December 23, 2022. For details https://t.co/WpSgomnKT3 pic.twitter.com/cVUHF6ZBg9— SBP (@StateBank_Pak) December 29, 2022
The central bank’s foreign exchange reserves have been persistently falling since the beginning of FY23. Analysts and experts paint a gloomy picture for the state of economy as they believe that the country is close to default. They are not simply ready to buy the finance minister’s statement on default.
In April, when the Imran-led PTI government was replaced by the Shehbaz-led PDM government, the reserves stood at $10.5bn as compared to $5.8bn on Dec 23.
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 March 21, 2023 (Tuesday).
Source: Forex Association of Pakistan. (last update 09:00 AM)
|UK Pound Sterling||GBP||340.5||344|
|Hong Kong Dollar||HKD||35.9||36.25|
|New Zealand Dollar||NZD||176.66||178.6|
KARACHI - The price of a single tola of 24-karat gold in Pakistan is Rs 204,700 on Tuesday.The price of 10 grams of 24k gold was recorded at Rs175,500.
Likewise, 10 grams of 22k gold were being traded for Rs163,624 while a single tola of 22-karat gold was being sold at Rs 190,849.
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 204,700||PKR 2,390|
|Karachi||PKR 204,700||PKR 2,390|
|Islamabad||PKR 204,700||PKR 2,390|
|Peshawar||PKR 204,700||PKR 2,390|
|Quetta||PKR 204,700||PKR 2,390|
|Sialkot||PKR 204,700||PKR 2,390|
|Attock||PKR 204,700||PKR 2,390|
|Gujranwala||PKR 204,700||PKR 2,390|
|Jehlum||PKR 204,700||PKR 2,390|
|Multan||PKR 204,700||PKR 2,390|
|Bahawalpur||PKR 204,700||PKR 2,390|
|Gujrat||PKR 204,700||PKR 2,390|
|Nawabshah||PKR 204,700||PKR 2,390|
|Chakwal||PKR 204,700||PKR 2,390|
|Hyderabad||PKR 204,700||PKR 2,390|
|Nowshehra||PKR 204,700||PKR 2,390|
|Sargodha||PKR 204,700||PKR 2,390|
|Faisalabad||PKR 204,700||PKR 2,390|
|Mirpur||PKR 204,700||PKR 2,390|
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