Pakistan's Forex Reserves Fallen to their Lowest Level in 3 Years

By IndraStra Global News Team


Cover Image Attribute: The file photo of State Bank of Pakistan (SBP) HQ in Karachi
Cover Image Attribute: The file photo of the State Bank of Pakistan (SBP) HQ in Karachi

As a result of Pakistan not receiving assistance from multilateral lenders or friendly countries, foreign exchange reserves have fallen to their lowest level in three years. 


According to the figures provided by the State Bank of Pakistan (SBP), the forex reserve dropped by a massive $302.9 million to reach $7.596 billion from $7.89 billion on September 30. Similarly, the net reserves that commercial banks held decreased by $39 million, bringing the total down from $5.68 billion to $5.64 billion. 


Later, a statement released by the SBP stated, "This decrease was entirely attributed to external debt repayments, which included repayment of a commercial loan and interest payment on Eurobonds."


Earlier, Pakistan requested a bailout to prevent a total financial collapse and restore its reserves. Still, even as the money began to come in, it was struck by catastrophic floods that swamped about a third of the country, making the already precarious financial situation considerably worse. Moreover, many Asian countries' foreign reserves have fallen to multi-year lows after a rise in the value of assets caused by an increase in the dollar value.


In August, Pakistan successfully bid to obtain a loan of $1.1 billion from the International Monetary Fund (IMF). However, money from the World Bank and the Asian Development Bank (ADB) has not yet been received. In addition, about $5 billion in investment commitments from Arab nations will materialize primarily next year.


In the meantime, authorities have placed restrictions and are delaying import payments to protect the diminishing reserves hindering the country's economic activity. As a result, the Pakistan Bureau of Statistics (PBS) stated earlier this month that the country's trade deficit for the first quarter of the fiscal year 2023 decreased by 21.42 percent annually.


According to PBS's preliminary data on monthly trade statistics, the trade deficit for the first quarter of FY23 (July-September) was $9.2 billion. Compared to the $11.7 billion deficit recorded during FY22, this is a significant decrease of 21.42 percent. In addition, the total value of imports for the first quarter was $16.3 billion, compared to $18.71 billion during the same period last year. Comparatively, exports marginally increased to $7.1 billion from $6.99 billion in the previous year's first quarter.


Note: Pakistan's trade deficit increased by a staggering 55.7% during the fiscal year 2022, bringing the total import-export imbalance to $48.38 billion. As of September 23, the foreign exchange reserves have decreased to $8 billion due to the escalating trade imbalance and expanding current account deficit.


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IndraStra Global: Pakistan's Forex Reserves Fallen to their Lowest Level in 3 Years
Pakistan's Forex Reserves Fallen to their Lowest Level in 3 Years
By IndraStra Global News Team
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