Business
Pakistan’s forex reserves hit eight-year-low to $5.57bn
KARACHI (Web Desk) – The State Bank of Pakistan’s (SBP)-led foreign exchange reserves have hit an eight-year low at $5.576 billion during the week ended on Dec 30, 2022, the data released by the central bank says.
The reserves fell further as the country paid external debts amid a severe economic crisis.
During the week ended on December 30, 2022, the central bank s forex reserves fell $245 million to $5.57 billion, a statement from the central bank said Thursday, down from last week s reserves of $5.821 billion.
Total liquid foreign #reserves held by the country stood at US$ 11.42 billion as of December 30, 2022.
For details https://t.co/WpSgomnKT3 pic.twitter.com/1uJn3rmSLG
— SBP (@StateBank_Pak) January 5, 2023
The net foreign reserves held by commercial banks amount to $5.84 billion, with the total reserves clocking in at $11.42 billion, the statement mentioned.
Despite fast dwindling reserves, Finance Minister Ishaq Dar is still hopeful about reverting the situation with expected financial help promised by the friendly countries, but nothing has been realised so far.
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