Pakistan’s forex reserves hit all-time low since December 2019
Karachi: Foreign exchange reserves of the State Bank of Pakistan (SBP) have reached a 23-month low, reserves decreased by $190 million to $10.30 billion.
SBP said its foreign exchange reserves had decreased by $190 million in one week, bringing the total value of foreign exchange reserves to $16.37 billion.
SBP’s reserves are worth 10.3 billion and the commercial banks’ reserves are worth 6.6 billion.
In the first month of PM Shahbaz Sharif’s coalition government, the SBP’s foreign exchange reserves declined by $1.1 billion.
The IMF has imposed strict conditions on the current government to provide $1 billion while Pakistan’s foreign exchange reserves are at their lowest level since December 2019 at $16.4 billion in the week ending May 6. Now the government has only one and a half months of import reserves left.
The SBP said that last week, reserves fell by $190 million to $10.38 billion due to external debt repayments.