Forex Reserves Depletes by $691 Million

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Pakistan is being witnessed yet another tough period when its liquid foreign reserves are depleting unabatedly which could be recorded in the closing week ending with the outflow of massive $691 million.

According to State Bank of Pakistan, the overall foreign exchange reserves of the country declined to $22.7 billion.

Foreign exchange reserves held by the central bank stood at $16.25 billion. Foreign exchange reserve held by commercial banks stood at $6.5 billion.

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During the week ended 19-November-2021, SBP reserves decreased by US$ 691 million to US$ 16.254 billion, mainly due to external debt repayment.

The SBP’s data said that the foreign exchange reserves declined by $1.25 billion in around last 15 days. On the other hand, the required inflows of foreign exchange have not been arrived in the external account of the country.

The outflow of the reserves has put the pressure on the value of Rupee against Dollar.

  It is expected that over $1 billion tranche from IMF coupled with financial assistance of $3 billion will improve the foreign exchange level in the next few weeks. Subsequently, the local currency value against greenback may see recovery and stabilization.