Islamabad: Forex reserves of Pakistan took a hit of $157 million and plunged to the lowest level since July 2019, the State Bank of Pakistan’s report said.
According to the weekly report on the status of forex reserves by the SBP, as of October 21, the SBP-held reserves fell to $7.43 billion from $7.59 billion on October 14.
On the contrary, the net reserves held by the commercial banks witnessed an increase of $68.6 million to reach $5.72 billion from $5.65 billion.
Cumulatively, the total foreign exchange reserves witnessed a fall of $88.2 million to reach $13.16 billion from $13.25 billion during the period under review.
Pakistan’s Current Account Deficit shrinks 37% YoY in 1Q of FY23
Pakistan’s current account deficit shrank more than 37% on a year-on-year basis during the first quarter (July-September) of the fiscal year 2023.
According to a monthly report published by the State Bank of Pakistan on the balance of payments, during the first three months of FY23, the current account deficit of Pakistan amounted to $2.2 billion. Compared to the $3.52 billion recorded during the same period last year, this year’s CAD dropped by 37.4%.
Simililiary, on a month-on-month basis, a decline was witnessed in September alone as the current account deficit also narrowed down by 53.2%. It fell to $0.3 billion, compared to the $0.67 billion that was recorded in August.