Pakistan’s liquid foreign reserves witnessed an outflow of $385 million in the week that ended on March 11, 2022, depicting a 1.7 percent dip on a week-on-week basis.
The State Bank of Pakistan’s (SBP) weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went down by $385.3 million on March 11, 2022, to $22.28 billion, compared to $22.66 billion in the previous week. SBP’s reserves decreased by $380.6 million to $15.83 billion (-2.34%), compared to $16.21 billion a week earlier.
Meanwhile, the net foreign reserves held by the commercial banks stood at $6.4 billion, showing a decrease of $4.7 million on a weekly basis.
The decline in foreign exchange is attributed to the payment against debt servicing to various lenders and the global onslaught of inflationary pressures.
On the flip side, the Pakistani Rupee (PKR) posted losses against the US Dollar and other currencies on Thursday’s interbank close. It lost 63 paisas against the dollar, 16 paisas against the Saudi Riyal (SAR), 17 paisas against the UAE Dirham (AED), and Rs. 3.27 against the Pound Sterling (GBP).
