Foreign exchange reserves diminished by $98Mn

Foreign exchange reserves diminished by $98Mn
The continuous downward trend elevates apprehension about Pakistan’s capability to meet up its financing necessities as the reserves have fallen very much below the $8-billion amount.

The continuous downward trend elevates apprehension about Pakistan’s capability to meet up its financing necessities as the reserves have fallen very much below the $8-billion amount. However, the government has declared the previous month that it had administer to secure a financial package of $6 billion from Saudi Arabia, but the impact of such financial aid is still awaited.

According to details, on November 2, the foreign currency reserves held by the State Bank of Pakistan (SBP) were documented at $7,678.9 million, down $98 million as compared to $7,776.9 million in the preceding week. It is observed that the decline was accredited to payments on account of external debt.

Furthermore, liquid foreign currency reserves held by the country, consisting net reserves held by banks other than the SBP, positioned at $14,068.1 million. Also, net reserves held by banks amounted to $6,389.2 million. Earlier, the reserves slipped to $9.06 billion, due to which central bank was forced to depreciate Pakistani rupee particularly for the fourth time since December 2017.