Pakistan’s foreign exchange reserves plunge sharply by $302 million, reaching their lowest level since July 2019

Islamabad: Pakistan’s foreign exchange reserves suffered further damage, falling by a staggering $302.9 million to $7.596 billion, the lowest level since July 2019.

The State Bank of Pakistan reported on the condition of foreign exchange reserves each week, and as of October 7, the SBP holding reserves decreased to $7.59 billion from $7.89 billion on September 30.

Similarly, the commercial banks’ net reserves decreased by $39 million to $5.64 billion from $5.68 billion.

The total foreign exchange reserves decreased overall by $342 million, from $13.58 billion during the review period to $13.24 billion today.

Total liquid foreign #reserves held by the country stood at US$ 13.25 billion as of October 07, 2022.

For details:

— SBP (@StateBank_Pak) October 13, 2022

Pakistan’s trade deficit decreased by 21.42% YoY in the first quarter of FY23.

Pakistan’s trade deficit decreased by 21.42% year over year in the first quarter of the fiscal year 2023, according to data released earlier this month by the Pakistan Bureau of Statistics (PBS).

The trade deficit for the first quarter of FY23 (July-September), as reported by PBS’s provisional data on monthly trade statistics, was $9.2 billion. That is a dramatic 21.42% decrease from the deficit of $11.7 billion registered during the same period of FY22.

Comparing the first quarter of this year to the same period last year, overall imports were $16.3 billion as opposed to $18.71 billion. On a year-over-year basis, exports increased to $7.1 billion from $6.99 billion in the first quarter of the previous year.

The trade deficit increases to $3.5 billion MoM in August.

The trade deficit was $2.88 billion in September alone, down from $3.58 billion in August. Monthly, imports in September decreased from $6 billion to $5.26 billion. However, on a month-over-month basis, exports also experienced a modest dip in September, falling to $2.38 billion from $2.48 billion.

It should be mentioned that Pakistan’s trade deficit surged by an astounding 55.7% in the fiscal year 2022, bringing the overall gap between imports and exports to $48.38 billion. The currency exchange reserves have decreased to $8 billion as of September 23, driven by the increasing trade imbalance and expanding current account deficit.

Information in this article comes from third party providers. This website does not provide explicit or implied warranty for such information and is not liable for any losses directly or indirectly caused by using such information.