KARACHI: Pakistan’s foreign exchange reserves will rise to more than $12 billion after it receives some $2.4 billion from China in the next two to three days, Finance Minister Miftah Ismail said on Thursday, a day before presenting the annual budget.
Earlier, the official foreign exchange reserves of the State Bank of Pakistan (SBP) have slipped 2½-year low to $9.226 billion by week ended June 03, 2022.
On weekly basis the official reserves of the central bank fell by $497 million to $9.226 billion by week ended June 03, 2022 as compared with $9.723 billion a week ago i.e. May 27, 2022.
The State Bank said that its foreign exchange reserves were declined due to external debt repayment.
Previously, the foreign exchange reserves held by the central bank were seen at $9.233 billion on December 6, 2019.
The foreign exchange reserves held by the central bank witnessed a record high at $20.146 billion by week ended August 27, 2021. Since touching the peak the central bank’s foreign exchange witnessed a continuous decline. The official reserves of the SBP fell around $10.92 billion by week ended June 03, 2022 from touching the peak on August 27, 2021.
Overall the foreign exchange reserves of the country declined by $595 million to $15.176 billion by week ended June 03, 2022 as compared with $15.771 billion a week ago.
The country’s foreign exchange reserves hit all-time high of $27.228 billion on August 27, 2021. Since then the foreign exchange reserves have declined by $12.052 billion.
The foreign exchange held by commercial banks also fell by $98 million to $5.95 billion by week ended June 03, 2022 as compared with $6.048 billion a week ago.
