KARACHI: The State Bank of Pakistan Thursday said that its foreign exchange reserves continued to remain under pressure, declining 1.01% on a weekly basis.
According to data released by the central bank, the fall marks the 10th successive week of decline, raising concerns over Pakistan’s ability to meet future payment obligations and a widening current account deficit.
On February 16, foreign currency reserves were recorded at $12,703.7 million, down $130.2 million as compared to $12,833.9 million in the previous week.
The decrease in reserves was attributed to external debt servicing and other official payments. Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,828.7 million. Net reserves held by banks amounted to $6,125 million.
A few months ago, foreign currency reserves surged due to official inflows, including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.
Published in Daily Times, February 23rd 2018.
