SBP’s reserves drop to $4.2 billion

- Business - May 25, 2023

The State Bank of Pakistan (SBP)-held foreign exchange reserves dropped to $4.2 billion as state failed to secure external financing. In its bulletin, the SBP said its reserves had fallen $119 million as of the week ended May 19 due to external debt repayments, and currently stand at $4.19 billion. Arif Habib Limited said that the reserves would provide an import cover of less than a month.