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- by Admin
- 19-Nov-2022 || 10:58 AM
Pakistan
Forex Reserves
18
November, ISLAMABAD (Xinhua) — Following a substantial decline of over 956
million dollars last week. SBP has announced a 3 million US dollar boost in
its foreign exchange reserves.
In a statement released on Thursday night, the SBP revealed
that in the week that concluded on November 11, its overall foreign exchange
assets increased to over $7.96 billion.
The SBP stated last
week that the service of its external debt was the cause of the decline in its
foreign reserves and added that the refinancing of these loans was underway and
will increase the foreign reserves in the upcoming weeks.
The study states that
commercial banks presently have net foreign reserves of $5.83 billion.
According to the SBP, the South Asian nation currently holds 13.79 billion
dollars in liquid foreign reserves.
Exchange Rates
The best currency rates
web in Pakistan gives you the most recent open market exchange rates for
Pakistan. The dollar rate on Pakistan's open market is not quite the same as
the interbank rate. You can discover the exchange rates for Compare
the PKR vs the USD, the EUR, the SAR, and all other currencies here. In
Pakistan, banks typically charge more for currency conversion. For the benefit
of our visitors, we promptly update the currency rates on our website,
particularly the USD to PKR rate. You can explore the Pakistan Currency Open
Market by using the historical data, graphs, charts, and other information
provided here.
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Foreign Exchange Charts
By viewing data from a forex chart, investors can predict
foreign exchange rates. Currency rate fluctuations are displayed on forex
charts. Among other things, interest rates, bank regulations, geopolitics, and
even the time of day can affect exchange rates.
Prize Bonds Information
To help you save money, the government of Pakistan has
created prize bonds. Because you can purchase prize bonds from any bank and
sell them to anyone, they function similarly to cash. In accordance with the
prize bond schedule 2022, the government arranges draws to provide cash prizes
to the lucky winners. Prize bonds come in denominations of 100, 200, 750, 1500,
7500, 15, 000, 25, 000, and 40,000.
KARACHI:
The State Bank of Pakistan (SBP) released information on
Thursday showing that the central bank's foreign exchange reserves fell by
10.7% week over week.
The SBP's foreign exchange holdings were valued at $7,957
million on November 4—a $956 million decrease from $8,912.9 million on October
28.
The SBP ascribed the drop in reserves to paying off
foreign debt.
In a statement, the central bank noted that repayment of
commercial loans taken out by the government of Pakistan was among the week's
"major foreign debt repayments."
The foreign exchange reserves would increase in the
upcoming weeks thanks to the refinancing of these loans, it was said. With net
reserves held by banks other than the SBP included, the nation's total liquid
foreign currency reserves were valued at $13,721 million. There were $5,764
million in net reserves held by banks.
The foreign exchange reserves reached a record high of
$20.15 billion in the week ending August 27, 2021, after Pakistan received the
IMF's general distribution of Special Drawing Rights (SDRs) of $2.751 billion
on August 24.
Pakistan had previously requested
a bailout to replenish its reserves and avert a total financial meltdown. A
third of the country was drowned in severe floods that struck as the money
began to arrive, further deteriorating the already dire financial position.
Additionally, numerous Asian countries' foreign reserves have fallen to
multi-year lows as a result of a rise in the value of assets brought on by an
increase in the dollar's value. In August, Pakistan's bid to obtain a $1.1
billion loan from the IMF was successful (IMF). However, neither the World Bank
nor the Asian Development Bank have yet provided any funding (ADB). Additionally,
$5 billion in investments from Arab nations have been pledged, most of which
will take place in 2019.
According
to PBS's preliminary monthly trade figures for the first quarter of FY23
(July-September), there was a $9.2 billion trade imbalance. A tremendous
reduction of 21.42 percent from the $11.7 billion deficit recorded during FY22
is represented by this. In addition, the value of imports fell to $16.3 billion
in the first quarter from $18.71 billion in the same period last year. Comparatively,
exports increased somewhat compared to the first quarter of the prior year,
rising from $6.99 billion to $7.1 billion.
Pakistan's
fiscal year 2022 saw a startling 55.7% growth in its trade deficit, which led
to a $48.38 billion import-export imbalance. As of September 23, the foreign
exchange reserves were $8 billion due to the expanding current account deficit
and expanding trade imbalance.