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
KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.44% on a weekly basis on November 25, according to data released by the central bank on Thursday.
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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