The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by over $2.5 billion on a weekly basis, according to data issued by the central bank on Thursday.
According to the latest data released by the SBP as of June 20, the foreign currency reserves held by the SBP were recorded at $9.06 billion, down $2.65 billion compared to $11.72 billion on June 13.
The central bank said the massive decline in reserves was due to GoP external debt repayments, mainly repayment of commercial borrowing.
Total liquid forex reserves held by the country, including net reserves held by banks other than the SBP, stood at $14.4 billion, down $2.6 billion over the previous week.
The net reserves held by banks were recorded at $5.333 billion, registering an increase of $50 million during the week.
Importantly, the central bank said that during the current week, it has received the GoP commercial loans equivalent to $3.1 billion; and multilateral loans of over $500 million.
These inflows will be reflected in SBP’s FX reserves for the week ending on 27-Jun-2025, the central bank said.
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Govt planning to impose tax on freelancers will further reduce remittances as more and more people started opting for ways to park money outside the country and bring with them help of other means from the day news circulated. Being a freelancer I’m really sad how can govt can think with depleting reserves which mostly consist of loans from other countries.
Because of Pasha who is trying a lot to put pressure on freelancers. They have written so many columns to tax freelancers. They don’t that now upwork , fiverr has fees and also withdrawing money cost 3%.