Karachi: Foreign exchange reserves, considered important for the country’s economy, remained at a level of more than $21 billion; however, the latest report has indicated a decline in banks’ reserves.
According to weekly data released by the State Bank of Pakistan, a decrease of $10.4 million was recorded in the total reserves in the week ending December 26.
According to the report, the state bank’s reserves increased by $12.6 million to $15.91 billion, while commercial banks’ reserves decreased by $23 million to $5.09 billion.
Expert Opinion
According to financial experts, this situation is the result of payment pressures and import requirements.
According to a former State Bank official:
“The increase in State Bank reserves is a positive sign; however, the decline in private bank reserves shows that there is still demand for dollars in the market.”
Experts say that if remittance flows remain good and external financing is received in a timely manner, reserves could further stabilise in the coming weeks.
