Pakistan’s Forex Reserves Slump to 28-Month Low

Pakistan’s liquid foreign reserves witnessed an outflow of $178 million in the week that ended on May 6, 2022, depicting a 1.1 percent dip on a week-on-week basis. The decline means that the country’s total forex reserves have now slumped to a 28-month low. The SBP weekly report revealed that the country’s total liquid foreign exchange reserves went down by $178 million (-1.1 percent) on May 6, 2022, to $16.375 billion, compared to $16.553 billion in the previous week. The SBP reserves decreased by $190 million to $10.309 billion (-1.6 percent), compared to $10.499 billion a week earlier. The central bank reserves are now down to a 23-month low. Meanwhile, the net foreign reserves held by the commercial banks stood at $6.067 billion, depicting an increase of $13 million (0.2 percent) on a weekly basis, compared to $6.054 billion in the previous week.