Forex: Reserves down 1.78% week-on-week

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.78% on a weekly basis on January 1, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves decreased by $289 million to $15,883 million compared to $16,172 million in the previous week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,810.1 million while net reserves held by banks amounted to $4,926.7 million.

Last week, foreign exchange reserves held by the SBP increased 3.5% on a weekly basis after it received $500 million from the International Monetary Fund (IMF).

The SBP received $918 million in November from multilateral, bilateral and other official sources, which include $500 million from the World Bank and $400 million from the Asian Development Bank. SBP-held reserves increased 13.4%, or $1,794 million, in October after the central bank received $505 million from the IMF.

Published in The Express Tribune, January 8^th, 2016.

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