The foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped from $17.686 billion to just $5.822 billion in the calendar year 2022 (from Dec 31, 2021, till Dec 23, 2022), registering a decline of 67% or $11.864 billion.
The total liquid foreign reserves held by the country stood at $23.883 billion at the beginning of the year but fell by over 50 percent to $11.7 billion by the end of the year (till Dec 23).
The huge import bill in tandem with skyrocketing energy prices resulted in continuous depletion of foreign exchange of the country. Various measures were taken to arrest the outflow of the foreign exchange but with little impact.
These actions included a ban on various non-essential items for a longer period which also badly hit local industries. To make the situation worst, the hoarding and smuggling of dollars increased in the last quarter of 2022.
During the period, the domestic and geopolitical situation also kept foreign investors away from the country. On the other hand, the receipts through exports and remittances also showed a consistent drop due to the global economic slowdown.
The imbalance of inflows and outflows of the greenback also badly hit the parity of the rupee against the dollar.
Dear Propakistani,
You could be banned and jailed for such content highlighting the country’s dire economic situation.
From 4th March to 8th April 2022 foriegn currency reserves of State Bank went down by nearly 5.4 billion dollars. Knowing that no confidence motion is inevitable Imran gov made sure that new gov faces financial crunch.
Read tweet of State Bank on 7th April 2022, there is a link of a pdf, download and verify my claim.
Out of 10.8 billion dollars State Bank had on 7th April, 7 billion dollars were from deposited by friendly countries. So in short Imran govt left with 3.8 billion dollars only whereas claim was of 23 billion dollars. Even if you include foriegn currency reserves of private bank it doesn’t make 23 billion dollars.
4 مارچ سے 8 اپریل 2022 تک اسٹیٹ بینک کے زرمبادلہ کے ذخائر میں تقریباً 5.4 بلین ڈالر کی کمی واقع ہوئی۔ یہ جانتے ہوئے کہ تحریک عدم اعتماد ناگزیر ہے عمران حکومت نے اس بات کو یقینی بنایا کہ نئی حکومت کو مالی بحران کا سامنا کرنا پڑے۔
7 اپریل 2022 کو اسٹیٹ بینک کی ٹویٹ پڑھیں، پی ڈی ایف کا لنک ہے، میرے دعوے کو ڈاؤن لوڈ کرکے تصدیق کریں۔
7 اپریل کو اسٹیٹ بینک کے پاس موجود 10.8 بلین ڈالرز میں سے 7 ارب ڈالر دوست ممالک کی جانب سے جمع کرائے گئے۔ لہٰذا مختصر یہ کہ عمران حکومت صرف 3.8 ارب ڈالر چھوڑ کر گئی جبکہ دعویٰ 23 ارب ڈالر کا تھا۔ یہاں تک کہ اگر آپ نجی بینک کے غیر ملکی کرنسی کے ذخائر کو بھی شامل کریں تو یہ 23 بلین ڈالر نہیں بنتا۔
I’m agree