According to statistics issued by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign currency reserves fell by 5.1 percent on a weekly basis.
The SBP’s foreign currency reserves were $9.226 billion on June 3, down $497 million from May 27 when they were $9.723 billion. The reserves of central banks are at their lowest level since November 2019. The fall in reserves was attributed to the servicing of foreign debt, according to the central bank.
The country’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, were $15.176 billion. The total amount of net reserves held by banks was $5.950 billion.
Miftah Ismail, the Finance Minister, stated on Thursday that the country’s foreign currency reserves will increase to more than $12 billion by early next week. Speaking at the launch of the Pakistan Economic Survey for the Financial Year 2021-22, the minister said that reserves would grow if China pays $2.4 billion.