The foreign exchange reserves held by Pakistan’s central bank decreased by 1.7% once more.
According to data issued by the State Bank of Pakistan (SBP) on November 18, the central bank’s foreign currency reserves were at $7,825.7 million, a decrease of $134 million from November 11.
The country’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, amounted to $13,645 million.
The total amount of banks’ net reserves was $5,819.3 million. The central bank ascribed the decrease to the repayment of external debt.
With Pakistan’s existing foreign exchange reserves, imports are covered for 1.6 months.
Pakistan’s reserve status is anticipated to improve after receiving funding from friendly countries.
Finance Minister Ishaq Dar revealed earlier this month that the SBP will receive $500 million from the Asian Infrastructure Investment Bank (AIIB).
The finance minister announced in a tweet that the AIIB board had authorized the funding as “co-financing of the Asian Development Bank-funded BRACE program for Pakistan.”
