State Bank of Pakistan (SBP) foreign exchange reserves fell 10.45% to a four-year low. Foreign currency reserves hit the 2019 low.
As of December 2, the SBP’s foreign currency reserves were $6,714.9 million, down $784 million from November 25.
Since January 2019, the country’s foreign exchange reserves have dipped below $7 billion. Current reserves are $6.7 billion, almost the same as January 18, 2019.
The country’s total liquid foreign currency reserves, including those held by other institutions, were $12,581.7 million.
Banks have $5,866.8 million in reserves. The central bank ascribed the fall to $1 billion in external loan repayments and maturing Pakistan International Sukuk.
SBP said certain debt repayments were offset by inflows, particularly $500 million from AIIB (AIIB).
Pakistan’s foreign exchange reserves cover less than one month of imports.
The $6.7 billion in reserves won’t cover the January-March principle and interest payments of $8.8 billion.
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