Pakistan’s Forex Reserves Plunge by $350 Million

Pakistan’s liquid foreign reserves witnessed an outflow of $350 million in the week that ended on February 25, 2022, according to the State Bank of Pakistan (SBP).

The central bank’s weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went down by $350.9 million on February 25, 2022, to $22.87 billion, compared to $23.22 billion in the previous week. SBP’s reserves decreased by $344 million to $16.46 billion, compared to $16.80 billion a week earlier.

Meanwhile, the net foreign reserves held by the commercial banks stood at $6.4 billion, depicting a decrease of $6.7 million on a weekly basis.

The decline in foreign exchange is attributed to the payment against debt servicing to various lenders.

On the flip side, the Pakistani Rupee (PKR) posted losses against the US Dollar on Thursday’s interbank close. It lost 21 paisas against the dollar, five paisas against both the Saudi Riyal (SAR) and the UAE Dirham (AED), and 34 paisas against the Euro (EUR).

Source: Pro Pakistani