The foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their declining spree, plunging by $584 million to reach $6.1 billion as of Dec 16, the central bank announced on Thursday.
According to the central bank’s data, this is the lowest level of reserves since April 2014.
In the last 12 months, SBP’s reserves have declined by $11.6bn. In Dec 2021, the central bank’s reserves were $17.7bn which now stand at $6.1bn, barely enough to cover a month’s imports.
Net foreign reserves held by commercial banks now stand at $5.9bn, meaning the country’s total liquid foreign reserves are now $12bn.
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