{"id":12611,"date":"2022-12-08T16:28:49","date_gmt":"2022-12-08T16:28:49","guid":{"rendered":"https:\/\/dailyausaf.com\/en\/?p=12611"},"modified":"2022-12-08T16:28:49","modified_gmt":"2022-12-08T16:28:49","slug":"alarming-foreign-exchange-reserves-plunge-to-lowest-since-2019","status":"publish","type":"post","link":"https:\/\/dailyausaf.com\/en\/business\/alarming-foreign-exchange-reserves-plunge-to-lowest-since-2019\/","title":{"rendered":"Alarming: Foreign exchange reserves plunge to lowest since 2019"},"content":{"rendered":"<p>Alarming: Foreign exchange reserves plunge to lowest since 2019. Foreign exchange reserves held by the <a href=\"https:\/\/www.sbp.org.pk\/\">State Bank of Pakistan<\/a> (SBP) plunged to an alarming level after falling 10.45% to a four-year low.<\/p>\n<p>The foreign currency reserves held by the SBP were recorded at $6,714.9 million as of December 2, down $784 million compared with $7,825.7 on November 25, data released by the central bank showed.<\/p>\n<p>It should be noted that the country\u2019s foreign exchange reserves have fallen below the $7 billion level for the first time since January 2019.<\/p>\n<p>The current reserves stand at around $6.7 billion \u2014 almost equal to $6.6 billion on January 18, 2019.<\/p>\n<p>Overall liquid foreign currency reserves held by the country \u2014 including net reserves held by banks other than the SBP \u2014 stood at $12,581.7 million.<\/p>\n<p><em><strong>Read more:\u00a0<a href=\"https:\/\/dailyausaf.com\/en\/technology\/no-google-payments-blocked-clarifies-sbp.html\">No Google payments blocked, clarifies SBP<\/a><\/strong><\/em><\/p>\n<p>Net reserves held by banks amounted to $5,866.8 million. The central bank attributed the decline to the payment of $1,000 million against maturing Pakistan International Sukuk and some other external debt repayments.<\/p>\n<p>The SBP mentioned that some of the debt repayments were offset by inflows, mainly $500 million received from Asian Infrastructure Investment Bank (AIIB).<\/p>\n<p>With the current foreign exchange reserves position, Pakistan has an import cover of less than one month.<\/p>\n<p>The $6.7 billion reserves are not enough to service the $8.8 billion principal and interest payments during the January-March period of the current fiscal year.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Alarming: Foreign exchange reserves plunge to lowest since 2019. Foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged to an alarming level after falling 10.45% to a four-year low. The foreign currency reserves held by the SBP were recorded at $6,714.9 million as of December 2, down $784 million compared with $7,825.7 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":12612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4,9],"tags":[7735,7734,7736,572,599],"class_list":["post-12611","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-latest-news","tag-aiib","tag-asian-infrastructure-investment-bank","tag-foreign-exchange-reserves","tag-sbp","tag-state-bank-of-pakistan"],"_links":{"self":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/12611","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/comments?post=12611"}],"version-history":[{"count":0,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/posts\/12611\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media\/12612"}],"wp:attachment":[{"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/media?parent=12611"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/categories?post=12611"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyausaf.com\/en\/wp-json\/wp\/v2\/tags?post=12611"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}