The State Bank of Pakistan’s (SBP) foreign reserves saw significant outflows of $869 million in the week ending March 18, 2022, representing a 5.49 percent week-on-week fall.
According to the SBP weekly report issued on Thursday, the country’s total liquid foreign currency reserves fell by $843.7 million (-3.78 percent) to $21.44 billion on March 18, 2022, from $22.28 billion the previous week. SBP reserves fell by $869.2 million to $14.96 billion, down from $15.83 billion a week ago.
Meanwhile, commercial banks’ net foreign reserves were $6.4 billion, a rise of $25.5 million from the previous week.
Payments against debt service to different lenders and other payments are to blame for the drop in foreign exchange.
On the other hand, on Thursday’s interbank close, the Pakistani Rupee (PKR) stopped losing ground versus the US Dollar. It fell 32 paisas versus the Canadian Dollar (CAD), 38 paisas against the Pound Sterling (GBP), and Rs. 1.31 against the Australian Dollar (AUD).