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State Bank Reserves Drop to Alarming $5.57 Billion

As Pakistan serviced its commitments to foreign creditors in the midst of a severe economic crisis, the State Bank of Pakistan’s (SBP) foreign exchange reserves continued to decline.

The central bank’s foreign exchange reserves dropped by $245 million to $5.57 billion during the week that ended on December 30, 2022, according to a statement released on Thursday. This is a decrease from the reserves of $5.821 billion the previous week.

According to the announcement, commercial banks currently have $5.84 billion in net foreign reserves, bringing the overall amount of reserves to $11.42 billion.

As the nation strives to reduce imports amid a dollar shortage, the reserves, which fell to their lowest level since April 2014, would now only provide import cover worth 1.06 months.

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