The State Bank of Pakistan’s (SBP) foreign reserves dropped sharply by $592 million to just $3.09 billion, according to numbers released on Thursday. Since February 2014, central bank reserves have never been lower than at this time.
The entire amount of liquid foreign exchange held by the country was $8.74 billion. Commercial banks held $5.65 billion in net foreign reserves.
The SBP said in a statement said that “During the week ended January 27, 2023, SBP’s reserves decreased by $592 million to $3,086.2 million due to external debt repayments.”
Last week, the SBP’s foreign exchange reserves fell precipitously, dropping by a staggering $923 million to just $3.7 billion.
The central bank’s reserves, which were roughly $18 billion at the start of 2022 but have since dropped dramatically, show how urgently Pakistan must complete the following IMF programme review.
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