SBP forex reserve plunge by $119m
Business
The government’s reserves have decreased to the level of $4.193bn
KARACHI (Dunya News) - The country's foreign exchange reserves further dipped by $119 million during the week ended May 19, the State Bank of Pakistan (SBP) said on Thursday.
The central bank's weekly report on the reserves stated after a decrease of $119 million, the government’s reserves have decreased to the level of $4.193 billion.
Total liquid foreign #reserves held by the country stood at US$ 9.73 billion as of May 19, 2023.
— SBP (@StateBank_Pak) May 25, 2023
For details https://t.co/WpSgomnKT3 pic.twitter.com/wUUAPYb2rw
As of May 19, the total reserves were recorded at $9.731bn, whereas commercial banks hold reserves amounting to $5.538bn.
Commercial bank reserves also fell by $87.5m, to $5.54bn during the week. Therefore, the country’s overall foreign exchange holdings were down $206m to reach $9.73bn.
The latest decline in dollar holdings come even as the SBP has kept tight control over imports by putting strict conditions for banks to open letters of credit.
