Tuesday , June 2 2020

Foreign exchange reserve decreases by 1.26% per week

 

Karachi: Foreign exchange reserves continued to show downward trend for the continuous eleven weeks and on weekly basis the value decreases by 1.26%.

The continued fallen trend has put question mark on the fiscal policies and question mark on how to get out of the economic fall. The reserves have awfully fallen from $8 billion to hardly a billion now.

Government had previously announced that financial package of $6 billion from Saudi Arabia will likely cover the gap and cushion the fallen economy. But the impacts are yet to be seen.

Details tell no November 2 that the foreign currency reserves held by State Bank of Pakistan (SBP) were found to be $7,678.9 million which have declined to $7,776.9 million in the preceding week.

Earlier the reserves declined to $9.06 billion due to which state bank was forced to depreciate the value of rupee against dollar for almost the fourth time since December 2027

State Bank of Pakistan obtained $350 million under the Coalition Support Fund (CSF).

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