KARACHI: According to the data shared by the State Bank of Pakistan (SBP), the foreign reserves have dropped to $12.04 billion after a decrease of $2.91 billion. Earlier on March 18, 2022, the reserves stood at $14.96 billion.
On March 25, 2022, the foreign reserves were recorded at $12.04 billion. The data showed that the overall reserves closed at $18.55 billion on March 25, including the $6.5 billion net foreign reserves. The central bank called the external debt repayment an important factor in the decline of reserves. A major part of the repayment was spent on China’s syndicated loan facility.
The fall in foreign reserves has pressurised the local currency as well. At the interbank market, the greenback closed at Rs183.48. Economic experts said that comments by Moody’s Investor Service on the economy of Pakistan and portfolio investment’s encashment have also played a part in the further fall of the rupee.