• Activities
    • Health
    • Education
    • Mobile
    • Sports
    • PSL
  • Economy
    • Auto Industry
    • Crypto Currency
    • Economy
    • Smart Devices
  • Tech
    • Startups
    • Social
    • Telecom
    • Technology
  • TechX World
+92 323 8324975
Thursday, March 23, 2023
TechX Pakistan | Startups | FinTech | Crypto | EdTech | Reviews
Advertisement
  • Home
  • News
  • Premium Content
  • How To
  • Advertisement
  • Contact
  • About
No Result
View All Result
  • Home
  • News
  • Premium Content
  • How To
  • Advertisement
  • Contact
  • About
No Result
View All Result
TechX Pakistan | Startups | FinTech | Crypto | EdTech | Reviews
No Result
View All Result
  • Home
  • News
  • Premium Content
  • How To
  • Advertisement
  • Contact
  • About
Home Economy

Forex holdings of SBP hit a nearly four-year low

Asad Hassan by Asad Hassan
December 9, 2022
in Economy
Reading Time: 2 mins read
A A
Buy author a coffee
Forex holdings of SBP hit a nearly four-year low

The State Bank of Pakistan’s (SBP) forex exchange holdings fell $784 million to an almost four-year low of $6.72 billion for the week ending on December 2, the central bank reported on Thursday.

The SBP reserves were last recorded below this amount during the week ending January 18, 2019, when they totaled about $6.64 billion, according to data from the central bank.

The current value of the net forex reserves held by commercial banks is $5.867 billion, making the total amount of the nation’s liquid foreign reserves $12.58 billion.

Since taking office in April, the new administration’s principal priority has been to strengthen the country’s foreign exchange reserves.

SBP’s reserves, which were formerly close to $10.9 billion, have since decreased by more than $4 billion.

Currently, the central bank only has $6.72 billion, barely enough to fund imports for more than a month.

According to analysts, the country’s ability to repay foreign debts may be made more challenging by the declining reserves.

SBP Governor Jameel Ahmad stated in a podcast on Thursday that while inflows had stayed at just $4 billion over the previous five months, they were anticipated to increase in the second half of the current fiscal year, which ends in June 2023.

The decrease in forex exchange reserves was attributed by the central bank to a payment of $1 billion against the maturity of Sukuk (Islamic bonds).

The $6.7 billion reserves, according to a top analyst who asked to remain unnamed, were not determined after the bond payment.

The SBP gave $1 billion and another $1.2 billion to two commercial banks, who committed to lending the same amount in a few days, according to Governor Jameel Ahmad in the interview.

The Asian Infrastructure Investment Bank (AIIB) announced that its $500 million infusions had countered the State Bank of Pakistan’s (SBP) outflows.

To read our blog on “The SBP’s foreign reserves have fallen to $7.5 billion,” click here.

Share48Tweet30Share8Send
Asad Hassan

Asad Hassan

Related Posts

to-final-crude-oil-import-deal-pak-russia-will-meet-today
Economy

To final crude oil import deal, Pak & Russia will meet today

by Asad Hassan
March 21, 2023
21st-century Pakistan's economy depend on skilled workers
Economy

21st-century Pakistan’s economy depend on skilled workers

by Huma Gull
March 21, 2023
Sri Lanka gets $2.9bn IMF bailout package in the year 2023
Economy

Sri Lanka gets $2.9bn IMF bailout package in the year 2023

by Huma Gull
March 21, 2023
Russia now supplies more oil to China than Saudi Arabia
Economy

Russia now supplies more oil to China than Saudi Arabia

by Huma Gull
March 21, 2023
chinese-bank-promises-refinance-500-mn-loan-for-pakistan
Economy

Chinese bank promises to refinance $500 mn loan for Pakistan

by Asad Hassan
March 16, 2023

Follow Us

Promoted

upcoming-phones-releases-which-ones-are-worth-waiting-for

Upcoming phones releases: Which ones are worth waiting for?

by Asad Hassan
March 21, 2023
0

Even if 2022 was a fantastic year to release excellent smartphones, 2023 is no less than 2022! In reality, everyone...

hostingwalay-participating-in-cxo-global-summit-expo-in-islamabad

HostingWalay participating in CXO Global Summit in Islamabad

by Asad Hassan
January 18, 2023
0

Everyday living involves the use of technology, and our Pakistani IT entrepreneurs are using their expertise to make their communities...

Gitex makes its debut in Africa, holding its first exhibition in Morocco in May 2023

Gitex makes its debut in Africa, holding its first exhibition

by Bilquees Anwar
November 28, 2022
0

Gitex, Dubai's premier technology exhibition, said on Tuesday that it was expanding into Africa. The first Gitex Africa will be...

Welcome to GITEX GLOBAL

Are you ready for the biggest tech event? GITEX Global

by Bilquees Anwar
September 2, 2022
0

As the year started with the global tech rout, ongoing inflationary concerns, and the recent rebound, yet the tech industry...

Recent News

Post voice notes to your WhatsApp status on Android and iOS

Post voice notes to your WhatsApp status on Android and iOS

March 22, 2023
Active COVID-19 cases in Pakistan cross 1,200 Mark

Active COVID-19 cases in Pakistan cross 1,200 Mark

March 22, 2023
Beats new 'Studio Buds+' with great noise cancellation

Beats new ‘Studio Buds+’ with great noise cancellation

March 22, 2023
Winners of the Microsoft Imagine Cup 2023 announced by HEC

Winners of the Microsoft Imagine Cup 2023 announced by HEC

March 22, 2023
Ramadan Timings for educational institutions announced by Edu. ministry

Ramadan Timings for educational institutions announced by Edu. ministry

March 22, 2023
lgs-16-mm-thin-laptop-gram-has-color-changing-feature

LG’s 16 mm thin laptop ‘Gram’ has color changing feature

March 22, 2023
Currently Playing

Presence of Pakistan, Connexion Lounge sponsored by @MinistryofITTelecomPakistan @GitexTechWeek

Presence of Pakistan, Connexion Lounge sponsored by @MinistryofITTelecomPakistan @GitexTechWeek

00:01:40

#ITCN Asia ’22 | 21st International IT and Telecom Show | Curtains Opened | TechX Pakistan

00:05:28

London Tech Week 2022 Highlights | #Pakistan #Software

00:02:58

#Zindigi Future Fest ’22 Curtains Opened | Day 01 Glimpses | Tour | TechX Pakistan

00:03:13

Wait is Over, ITCN Asia Pakistan Tech Fest 2022 is live now!

00:01:44

CXO Meetup Dubai by Tech Destination Pakistan - P@SHA x PSEX x MoITT

00:02:41

Workshop on IT Investment Opportunities by Tech Destination Pakistan

00:00:56

Pakistan Pavilion at GITEX Dubai 2021

00:01:39

#GITEX 2021 Curtains Opened | Day 01 Glimpses | 5G | Technology | Tour | TechX Pakistan

00:01:33

GITEX Technology Week 2020 by TechX Pakistan - Official Media Partner

00:01:27
TechX Pakistan | Startups | FinTech | Crypto | EdTech | Reviews

In 2019, Mohammad Owais took the initiative of launching the TechX Pakistan. It is a blog project by assessing the gap in Local Technology & Social blogging. It has one simple goal of creating awareness about latest technological development in the world and especially in Pakistan. We break news, cover interviews, seminars and exhibitions locally and internationally both, related to IT Startups, IT best practices, Businesses, Automobiles, Smartphone Technology and Social Media.

© 2019 - 2023 TechX.PK - All Rights Reserved

No Result
View All Result
  • Home
  • News
  • Premium Content
  • How To
  • Advertisement
  • Contact
  • About

© 2019 - 2023 TechX.PK - All Rights Reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?
Go to mobile version