KARACHI: Pakistan’s foreign reserves declined by $8946.1 million, yearly basis, according to statistics shared by State Bank Pakistan (SBP), on Thursday.
The data shows that in the same period of the last fiscal year 2020-2021, net liquid reserve was $24,397.6 million which is now $15,451.5 million.
SBP says, in the current fiscal year 2021-2022 central bank has $9,816.3 million net reserves and $5635.2 million in the hand of banks, was $17,298.6 million and $7,099.0 million, respectively in the same duration of last years.
According to SBP, in light of the monthly review, the net reserves have declined from $14,278.0 million to $12,570.2 million.
The central bank didn’t give any reason for the decrease in reserves.
Meanwhile, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $12,570.2 million, Net reserves held by banks amounted to $5,870.2 million.
In a podcast on Dec 8, SBP Governor Jameel Ahmad asserted that all debt repayments were on track while the country’s foreign exchange reserves are expected to increase in the second half of the current fiscal year.
However, Governor SBP noted that for the fiscal year 2023, around $33 billion were to be repaid to external stakeholders, including the Current Account Deficit (CAD) of $10 billion and $23 billion in loan repayments.
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