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Forex reserves fall $275 million to $22.499 billion

Forex reserves fall $275 million to $22.499 billion

Forex reserves fall $275 million to $22.499 billion
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KARACHI: The foreign exchange reserves of the country fell $275 million to $22.499 billion by the week ended November 26, 2021, the central bank reported.

The foreign exchange reserves stood at $22.774 billion by the week ended November 19, 2021.

The official forex reserves of the State Bank of Pakistan (SBP) fell $244 million to $16.01 billion by the week ended November 26, 2021, compared with $16.254 billion a week ago.

Analysts at the Topline Securities said that with imports of $8 billion in a month, the import cover has reduced to two months as against 3.3 months in August 2021.

Meanwhile, the foreign exchange reserves held by commercial banks also declined $31 million to $6.489 billion by the week ended November 26, 2021, compared with $6.52 billion a week ago.

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