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Foreign exchange reserves of Pakistan down by $748 million

Zain Aijaz by Zain Aijaz
June 24, 2022
in Business, Featured, Latest News, National, Top News
Reading Time: 1 min read
Foreign exchange reserves of Pakistan down by $748 million
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KARACHI: State Bank of Pakistan’s (SBP) foreign exchange reserves have dropped to $8.24 billion, after recording a decline of $748 million. According to the central bank, the prime reason for the falling foreign reserves is the repayments of external debts.

Currently, all banks excluding SBP hold $5,972 million in form of net reserves. At the moment, Pakistan has a foreign currency of $14,210 million. To stabilise the situation, Pakistan had to ask for a $2.3 billion loan from China.

The Chinese consortium of banks has today signed the RMB 15 billion (~$2.3 billion) loan facility agreement after it was signed by the Pakistani side yesterday. Inflow is expected within a couple of days. We thank the Chinese government for facilitating this transaction.

— Miftah Ismail (@MiftahIsmail) June 22, 2022

The International Monetary Fund has also agreed to release the $1 billion tranche. Finance Ministry said that the staff-level agreement would be finalised in a few days. The news of cash inflow had a positive effect on local currency. During the early trade, the US dollar stood at Rs207.70 in the interbank market.

Zain Aijaz

Zain Aijaz

Zain is a media student and a writer by passion. He is a certified creative writer from Wesleyan University and enthusiastically writes on non-fiction and political satire. He is vastly experienced in the field of theatre and has served as a theatre mentor across different institutions. Currently, he is a contributor at The Upcut and can be reached at zainaijazdehlvi@gmail.com

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