Foreign Exchange Reserves decreased to $24.3bn

July 15, 2021

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As per the data from the State Bank of Pakistan, Pakistan’s foreign exchange reserves decreased to stand at $ 24.3 billion last week,.

The country’s foreign exchange declined by $ 100 million to $ 24.312 billion in the week ended July 7 , according to the weekly foreign exchange reserves report released by the State Bank of Pakistan (SBP) on Thursday.

Pakistan had received about $ 1.44 billion in credit flows int he pervious week from various sources including China and the World Bank, to build up foreign exchange reserves and ease pressure on the foreign account.

After accounting for overseas payments and other official payments, SBP’s assets decreased by $ 26 million to $ 17.205 billion at the end of last week.

According to the SBP, foreign exchange reserves of commercial banks decreased by $ 77 million last week to $ 7.106 billion.

Analysts believe that to bring sustainability in the external account of the country, it is necessary to maintain a high level of foreign exchange reserves, and these revenues have led to the accumulation of the country’s foreign exchange reserves. They added that higher foreign exchange reserves would help to pay off debt obligations smoothly in the future.