Foreign exchange reserves dwindle, with central bank reserves falling by 15 million to less than 13 billion during the week.
The central bank has further depreciated against the dollar. According to the SBP, the foreign exchange reserves with the central bank have declined by 15.4 million in the last week to 12.99 billion. Commercial banks, however, saw an increase of 1.6 million in dollars during this period.
The volume of dollars held by banks reached 7.1081 billion, bringing the total volume of foreign exchange reserves to 20 20.106 billion, down 13.8 million dollars over the weekend, the government said. During the first six months of the year, it borrowed a total of 5.7 billion, but despite the loans, the central bank has so far recorded a total increase of only 87 870 million in foreign exchange reserves during the current financial year.
Extracted from City42 News