Pakistan's forex reserves plummet to eight-year-low
Business
Pakistan's forex reserves plummet to eight-year-low
KARACHI ( Web Desk) - The State Bank of Pakistan (SBP)-led foreign exchange reserves dropped $584 million to reach $6.1 billion till December 16.
According to the central bank, the reserves have been recorded at the lowest level since April 2014.
The SBP’s reserves have declined by $11.6bn in the 12 months, while in December 2021, the central bank’s reserves were $17.7bn which now stand at $6.1bn.
Commercial banks in Pakistan now hold $5.9bn net foreign reserves.
The country’s total liquid foreign exchange reserves clog at $12bn.
