SBP-held foreign exchange reserves fall to $7.8bn

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Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell $87 million, clocking in at an alarming level of $7.81 billion as of August 19, 2022, as policymakers in the country continued to scramble over securing dollar inflows and provide breathing room to the economy.

Total liquid foreign reserves held by the country stood at $13.52 billion, said the SBP on Thursday. Net foreign reserves held by commercial banks amounted to $5.71 billion.

“During the week ended on August 19, 2022, SBP’s reserves decreased by $87 million to $7,809.9 million,” the SBP said in a statement.

The reserves’ position is critical for Pakistan which is desperately seeking dollar inflows to meet its balance-of-payments needs. A low level of reserves caused severe pressure on its currency market with the rupee witnessing its worst monthly performance in July in over 50 years.

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