Foreign exchange: SBP’s reserves fall 1.44% week-on-week
The decrease in reserves was on account of external debt servicing and other official payments
The SBP announces the target rate every two months, which serves as the benchmark interest rate for overnight funds in the interbank market. PHOTO: FILE
The SBP’s liquid foreign exchange reserves dropped $272.1 million to $18,574.8 million compared to $18,846.9 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 $23,614.8 million. Net reserves held by banks amounted to $5,040 million.
The decrease in reserves was on account of external debt servicing and other official payments.
Over three months ago, the SBP-held reserves had gone up 7.8% on a weekly basis after the bank received $1,340 million from multilateral, bilateral and other official sources including $501 million from the IMF, $502 million from the World Bank and $307 million from the ADB.
Published in The Express Tribune, December 2nd, 2016.
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