The State Bank of Pakistan (SBP) announced on Thursday that its foreign exchange reserves dropped by 63 million U.S. dollars due to debt repayments.
As of May 24, the SBP’s total foreign exchange reserves were about 9.09 billion dollars.
Commercial banks in Pakistan held around 5.2 billion dollars in net foreign reserves.
Overall, Pakistan’s total liquid foreign reserves were about 14.3 billion dollars, according to the SBP.
Last week, the State Bank of Pakistan (SBP) reported a slight increase in the country’s total liquid foreign reserves, reaching $14,585.4 million for the week ending May 17. The SBP announced that its foreign reserves saw a modest rise of $22 million, bringing the total to $9,157 million.
In Jan 2023, Pakistan’s foreign exchange reserves held by the central bank decreased by 16.1% to $3.09 billion in the week ending Jan. 27, the State Bank of Pakistan (SBP) said, which analysts said covers less than three weeks of imports.
At that time, Pakistan was locked in negotiations with the International Monetary Fund (IMF) to release much-needed money under a stalled bailout programme. A successful outcome with the IMF helped to release money from other platforms that were looking for a greenlight from the lender.
