There is no significant change in Pakistan’s foreign exchange reserves.
KARACHI: The State Bank of Pakistan’s (SBP) holdings of foreign exchange for Pakistan were unchanged this week, remaining stable.
According to data issued by the SBP on Thursday, as of October 14 the foreign currency reserves held by the SBP were $7,597.2 million, up from $7,596.9 on October 7.
In all, the nation maintained $13,250.9 million in liquid foreign currency reserves, including net reserves held by banks other than the SBP.
The total amount of net reserves held by banks was $5,653.7 million. This nominal adjustment was not explained by the central bank.
Pakistan now has less than 1.10 months’ worth of import coverage in its foreign exchange reserves.
The Pakistani rupee has been under significant pressure against the local unit due to a critical level of reserves. Because of declining foreign exchange reserves and political unrest, Pakistan’s economy is facing significant difficulties.
Due to a rise in imports, foreign exchange reserves have been falling by $300–400 million per week, which is a worrying development. Currently, they are below $8 billion.
