Pakistan’s Foreign Reserves Further Plunges to $18.24 Billion – Research Snipers

Pakistan’s Foreign Reserves Further Plunges to $18.24 Billion

According to the latest weekly statement released by State Bank of Pakistan on Thursday, Pakistan is currently standing at $18.24 billion of foreign exchange reserves.

In a previous statement which was released on February 22 Thursday by State Bank of Pakistan three weeks ago, Pakistan had foreign exchange reserves of $18.8 billion. Moreover, according to the report released by SBP on Thursday, November 2, 2017 Pakistan had total liquid foreign reserves worth $24.02 billion which was almost four months ago.

The above analysis shows that Pakistan has lost $0.56 billion in foreign reserves in just three weeks, and Pakistan has lost $5.78 billion in just four months.

Foreign reserves, is one of the major indicators of strong economy of the country, China leads the world in foreign reserves, Japan comes at number 2, India comes at number 6, However United Kingdom is 16th and the United States stands at number 20th on the list. But Pakistan is nowhere near the top 50; Pakistan sits at 70th position on the list. This position would further be dropped if this continues.

Current Liquid Reserves

According to the latest statement released by State Bank on Thursday, foreign reserves held by State Bank of Pakistan reached $12,125.7 million and net foreign reserves held by other commercial banks are $6,114.7 million. Additionally, the week ending March 9, State Bank’s reserves were plunged by $107 million to $12,126 million due to external debt servicing and other official payments.