SBP foreign exchange reserves plunge
June 11, 2020 10:18 PM
The foreign exchange reserves of State Bank of Pakistan (SBP) plunged by $32.3 during a week.
The national bank’s foreign exchange reserves dipped at $10.09.
The volume of private banks rose to over $6 billion by $1.5 million surge in a week.
The SBP paid $31 for clearing outstanding dues – cited as the reason for siting as plunge in foreign exchange reserves.
Last week too, the bank reserves were decreased by the State Bank of Pakistan (SBP) by a whopping $1.712 billion to $10.362 billion.
This plunge of $1.712 billion in reserves is the largest-ever weekly drop recorded in a decade, according to some reports. It also brings the SBP net reserves down to the lowest level since the week ending December 6, 2019.