Forex reserves fall $169m to wind up at $17.69bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $169 million on a weekly basis, clocking in at $17.69 billion, according to data released by the central bank on Thursday.

It may be mentioned that forex reserves held by the SBP last week had decreased by $298 million due to external debt repayment.

Total liquid foreign reserves held by the country stood at $24.02 billion on December 31, 2021, while net foreign reserves held by commercial banks stood at $6.33 billion, stated the SBP.

Earlier on Wednesday, the central bank, in a bid to stabilise the inflow of foreign exchange, directed exporters to bring proceeds within 120 days from the date of shipment as opposed to bringing back export proceeds within a period of 180 days.

"With an objective to improve the timely inflow of foreign exchange from exports proceeds in the market, SBP has amended foreign exchange regulations requiring exporters to bring export proceeds within a maximum period of 120 days from date of shipment," a statement by the bank said.

"The new measure is expected to positively impact foreign exchange inflows in the market," the statement added.