Saturday, June 3, 2023

Major Drop in State Bank Reserves, reached $6.7 Billion

Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell another $784 million to a precarious level of $6.715 billion as of Dec 2, 2022.

This is the lowest level of SBP-held reserves since January 2019.

“During the week ended on December 2, 2022, SBP reserves decreased by $784 million to US$ 6,714.9 million,” said the SBP.

On November 29, Pakistan received $500 million from the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance stated.

  • SBP attributes the decline to the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments
  • This is the lowest level of SBP’s reserves since January 2019

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