The foreign reserves held by the State Bank of Pakistan (SBP) witnessed outflows of $470 million in the week that ended on April 8, 2022, depicting a 4.1 percent decline on a week-on-week basis.
The SBP weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went down by $449 million (-2.6%) on April 8, 2022, to $17 billion, compared to $17.47 billion in the previous week. The SBP reserves decreased by $470 million to $10.85 billion (-4.1%), compared to $11.32 billion a week earlier.
Meanwhile, the net foreign reserves held by the commercial banks stood at $6.1 billion, depicting an increase of $21 million (+0.3%) on a weekly basis.
Today’s forex update by the central bank shows that as of April 9, the previous government left behind $10.8 billion in gross official foreign exchange reserves for the new regime.
On the flip side, the Pakistani Rupee (PKR) continued its impressive run against the US Dollar (USD) in the interbank market on Thursday. Conversely, it lost 72 paisas against the Canadian Dollar (CAD), Rs. 1.41 against the Euro (EUR), and Rs. 2.22 against the Pound Sterling (GBP).
Source: Pro Pakistan