News > Pakistan: SBP forex reserves reach $4.34 billion, Islamabad left with three weeks of import cover

Pakistan: SBP forex reserves reach $4.34 billion, Islamabad left with three weeks of import cover

23/01/2023 11:53 AM | Click to read full article

Pakistan's foreign exchange crisis has "deepened significantly" as the forex held by the State Bank of Pakistan (SBP) has recently reached a low of $4.343bn, which is enough to cover only three weeks of imports. The drop in foreign exchange was due to the repayment of $1bn in commercial loans to two UAE-based banks. The SBP had $16.608bn in forex reserves at the end of Jan 2022 and it continued to decline throughout the year due to heavy external debt servicing and import financing.

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