Business

Foreign exchange: SBP’s reserves slide to $17.59b, decrease 4.3%

More than two month ago, the central bank had made payments of $60 million

Our Correspondent February 02, 2017

First quarterly report says agricultural sector recovers with improved output of major crops. PHOTO: EXPRESS

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 4.29% on a weekly basis on January 27, according to data released by the central bank on Thursday.

The SBP’s liquid foreign exchange reserves decreased by $789.7 million to $17,593.8 million compared to $18,383.5 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 $22,434.9 million. Net reserves held by banks amounted to $4,841.1 million. The decrease is mainly attributed to external debt servicing, including $500 million loan repayment to State Administration of Foreign Exchange (SAFE), China.

More than two month ago, the central bank had made payments of $60 million. 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.

Published in The Express Tribune, February 3^rd, 2017.

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