SBP Reserves Drop $241 Million to Sink Below $9 Billion

The foreign exchange reserves held by the central bank decreased 2.6 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 10, the foreign currency reserves held by the SBP were recorded at $8.985 billion, down $241 million compared to $9.226 on June 3. The central bank reserves are currently at their lowest level since November 22, 2019.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14.943 billion. Net reserves held by banks amounted to $5.957 billion.

The Pakistani Rupee (PKR) also depreciated by 0.58 percent against the US Dollar (USD) and closed at Rs. 207.67 after losing Rs. 1.21 in the interbank market today.

The country’s reserves are in free-fall for weeks as the government struggles to reach an agreement with the International Monetary Fund (IMF) over the release of a $1 billion tranche. Friendly countries are also reluctant to lend a helping hand till a deal is concluded with the global lender.



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