The foreign exchange reserves held by the central bank decreased 5.1 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On June 3, the foreign currency reserves held by the SBP were recorded at $9.226 billion, down $497 million compared to $9.723 billion on May 27. The central bank reserves are currently at their lowest level since November 2019. The central bank said that the decline in the reserves was due to the external debt payment.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15.176 billion. Net reserves held by banks amounted to $5.950 billion.
Finance Minister Miftah Ismail said on Thursday that the foreign exchange reserves would improve to over $12 billion by early next week. The minister, speaking at the unveiling of the Pakistan Economic Survey for Financial Year 2021-22, said that reserves would increase after China rolls over $2.4 billion.
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