The foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their decline and plunged by $1.2bn to reach $4.5 billion.
According to sources, the State Bank of Pakistan’s foreign exchange reserves fell to $4.5 billion after the new debt repayments to UAE Banks. Pakistan paid back 600 Million Dollars to the Emirates NBD Bank and 415 Million Dollars to the Dubai Islamic Bank.
After the fresh debt repayments, the forex reserve dropped to 4.5 Billion Dollars, sufficient for only 25 days of import cover, they say.
On Thursday, the central bank reported that foreign reserves had fallen to $5.6 billion as of 30th December 2022.
According to the data issued by the State Bank of Pakistan, the total liquid foreign reserves held by the country stood at $11.43 billion.
“During the week ended on 30th December 2022, SBP-held foreign exchange reserves decreased by $245 million to $5,576.5 million due to external debt repayment,” said the central bank.
Remember here one thing Finance Minister Ishaq Dar claims that Pakistan expects a refinance of $700 million from the Chinese Development Bank, and a $3 billion cash injection from Saudi Arabia. After this Pakistan once again will be on its track to Progression.