Pakistan Central Bank’s Forex Reserves Decrease by $354 Million; Now Stand at $4.2 Billion
Last Updated: March 31, 2023, 02:46 IST
This is the first decline in central bank-held reserves on a weekly basis after six successive increases. (Image: Reuters)
Total liquid foreign reserves held by the country stood at $9.8 billion. Net foreign reserves held by commercial banks clocked in at $5.6 billion
The forex reserves held by Pakistan’s central bank decreased by another $354 million to $4.2 billion, according to the State Bank of Pakistan (SBP).
“During the week ended on March 24, 2023, SBP’s reserves decreased by $354 million to $4,244.3 million due to external debt repayment,” the SBP said in a statement.
The decrease comes amid external debt repayment as the country continues to await more aid from China, Saudi Arabia and UAE.
This is the first decline in central bank-held reserves, on a weekly basis, after six successive increases. The overall number stands at a critical level at around a month of import cover.
Total liquid foreign reserves held by the country stood at $9.8 billion. Net foreign reserves held by commercial banks clocked in at $5.6 billion.
Moreover, China is working on a request by Pakistan to roll over a $2-billion loan that matured last week.
However, the critical International Monetary Fund (IMF) programme remains stalled as talks continue after Pakistan announced a new fuel subsidy.
A delay in an agreement with IMF is taking a toll on the economy, particularly the rupee.
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