Home Business Pakistan’s Foreign Exchange Reserves Decline By $240 Million

Pakistan’s Foreign Exchange Reserves Decline By $240 Million

Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $240 million during the week ended on June 10.

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Foreign Exchange
Foreign Exchange

Foreign exchange reserves of the State Bank of Pakistan (SBP) declined by $240 million during the week ended on June 10.

According to details shared by the central bank, the overall foreign reserves held by the country stood at $14.94 billion on June 10.

On sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at $8.98 billion while commercial banks also have reserves of $5.96 billion.

Meanwhile, the Pakistani currency plummeted against the US dollar and surpassed Rs208 against the greenback. The domestic currency plunged Rs1.79 to a record low of Rs208.25 against the greenback at 12:25pm.

According to the central bank, the decrease came due to external debt repayment.

In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.

In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).

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