Foreign reserves held by the State Bank of Pakistan (SBP) witnessed outflows of $250 million in the week that ended on March 4, 2022, depicting a 1.5 percent dip on a week-on-week basis.
The central bank’s weekly report released on Thursday revealed that the country’s total liquid foreign exchange reserves went down by $206.4 million on March 4, 2022, to $22.87 billion, compared to $22.66 billion in the previous week. SBP’s reserves decreased by $250.1 million to $16.21 billion, compared to $16.46 billion a week earlier.
Meanwhile, the net foreign reserves held by the commercial banks stood at $6.4 billion, depicting an increase of $43.7 million on a weekly basis.
The decline in foreign exchange is attributed to the payment against debt servicing to various lenders.
On the flip side, the Pakistani Rupee (PKR) held out against the US Dollar on Thursday’s interbank close. It lost 38 paisas against the Canadian Dollar (CAD), 42 paisas against the Australian Dollar (AUD), Rs. 1.01 against the Pound Sterling (GBP), and Rs. 2.03 against the Euro (EUR).
