SBP’s Foreign exchange reserves plunge to $3.7 billion

KARACHI: The State Bank of Pakistan (SBP) on Thursday said that the foreign exchange reserves have plunged by US $923 million to a mere $3.7 billion, ARY News reported.

“During the week ended on 20-Jan-2023, SBP’s reserves decreased by US$ 923 million to US$ 3,678.4 million due to external debt repayments,” the central bank said in a statement issued on Thursday.

Total liquid foreign #reserves held by the country stood at US$ 9.45 billion as of January 20, 2023.
For details https://t.co/WpSgomnKT3 pic.twitter.com/Geu5e95jcX

— SBP (@StateBank_Pak) January 26, 2023

The SBP, in the statement, stated that the total liquid foreign reserves held by the country stood at $9.45 billion, whereas net foreign reserves with commercial banks stood at $5.7 billion.

Earlier on January 19, it was reported that foreign exchange reserves of the State Bank of Pakistan (SBP) increased by $258 million to $4.601 billion.

“During the week ended on January 13, 2023, SBP’s reserves increased by $258 million to $4,601.2 million after a decline of $3.6 billion in the last two months,” the central bank stated.

In January, Finance Minister Ishaq Dar said that Pakistan would soon get from friendly countries, including Saudi Arabia.

Talking to journalists in Islamabad, the government was repaying the country’s due debt on time, regretting that the country’s foreign exchange reserves were plunging due to external debt payment.