Pakistan’s Forex Reserves Plunge by $215 Million

Pakistan’s liquid foreign reserves witnessed an outflow of $215 million in the week that ended on May 13, 2022, depicting a 1.3 percent dip on a week-on-week basis.

The SBP weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went down by $214.7 million (-1.3 percent) on May 13, 2022, to $16.16 billion, compared to $16.37 billion in the previous week. The SBP reserves decreased by $145 million to $10.16 billion (-1.4 percent), compared to $10.30 billion a week earlier.

Meanwhile, the net foreign reserves held by the commercial banks stood at $5.99 billion, depicting a decrease of $70 million (-1.1 percent) on a weekly basis.

On the flip side, the Pakistani Rupee (PKR) lost Rs. 1.60 against the US Dollar (USD) in the interbank market on Thursday. It also lost 55 paisas against the Australian Dollar (AUD), Rs. 1.22 against the Euro (EUR), and Rs. 1.53 against the Pound Sterling (GBP).