SBP reserves down by $344 million

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $344 million to $16.462 billion during the week that ended on Feb 25, according to data shared by the central bank.

The SBP said the central bank’s reserves were recorded at $16.462 billion, down $344 million compared to $16.806 billion on February 18.

Also Read: Rupee continues slide against US dollar

The central bank didn’t give the reason for the decrease in its reserves.

Overall reserves held by the country, including net reserves of commercial banks, stood at $22.875 billion as of Feb 25, 2022, the SBP said. Net foreign reserves of banks amounted to $6.412 billion.

Total liquid foreign #reserves held by the country stood at US$ 22.88 billion as of February 25, 2022. For details: https://t.co/WpSgomnd3v pic.twitter.com/zu53oKwizQ

— SBP (@StateBank_Pak) March 4, 2022

It is noteworthy that Pakistan’s trade deficit has widened by 82.2 per cent during the first eight months (July-February) of the current fiscal year 2021-22.

The data released by the Pakistan Bureau of Statistics (PBS) showed that the trade deficit has reached a whopping $31.959 billion, compared to $17.535 billion during the same period of 2020-21.

Read: Pakistan’s trade deficit swells by 82%

The country’s exports increased by 25.8 per cent and clocked in at $20.547 billion in the first eight months of the current fiscal year 2021-22.