KARACHI: The State Bank of Pakistan (SBP) foreign exchange reserves recorded a declination of $748 million.
SBP’s foreign exchange reserves fall by $748 million to $8.2 billion, while the bank’s foreign exchange reserves reached their lowest level since October 25, 2019.
On the other hand, the country’s total foreign exchange reserves declined by $733 million and reached $14.2 billion.
Reserves of commercial banks fell by $15 million to $6 billion. Foreign exchange reserves declined due to repayment of foreign loans.
In this regard, the SBP said that foreign exchange reserves will increase in a few days after receiving loan from China.
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According to analysts, the country’s foreign exchange reserves are left for less than two months for imports.
Finance Minister Miftah Ismail’s said that the Chinese consortium of banks on Tuesday signed an RMB 15 billion ($2.3 billion) loan facility agreement.
The minister, in a tweet, said the inflow was expected within a couple of days. “We thank the Chinese government for facilitating this transaction,” he added.
