Forex reserves decline to $14.943bn

KARACHI: The country’s total liquid foreign exchange reserves reached below the $15 billion mark.

According to weekly foreign exchange report issued by the State Bank of Pakistan (SBP), the total liquid foreign exchange reserves held by the country stood at $14.943 billion as of 10-Jun-2022 compared to $15.176 billion as on Jun 3, 2022, showing a decrease of $233 million.

During the week under review, State Bank of Pakistan’s (SBP) reserves decreased by $241 million to $8.985 billion down from $9.226 billion. Net foreign reserves held by commercial banks increased by $7.4 million to $5.958 billion.

SBP’s forex reserves fall sharply

It may be mentioned here that the country’s foreign exchange reserves are declining and the government is making efforts to get deposits from friendly countries.

On the request of the government of Pakistan, China is likely to deposit $2.5 billion in the next few days.

The currency market is also volatile and the exchange rate rose to Rs208 per dollar in the interbank market on Thursday.

Copyright Business Recorder, 2022