Foreign exchange: SBP’s reserves plunge to $15b, fall 3.07%

Earlier, SBP received $350 million under CSF

Our Correspondent July 28, 2017

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 3.07% on a weekly basis, according to data released on Thursday.

SBP's foreign exchange reserves plunge 4.44%, amount to $15.48b

On July 21, the foreign currency reserves held by the central bank were recorded at $15,003.1 million, down $475.4 million or 3.07%, compared to $15,478.5 million in the previous week, according to the central bank.

The decrease has been attributed to payments on account of external debt servicing and other official payments. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,436.2 million. Net reserves held by banks amounted to $5,433.1 million.

ADB hints at $6 billion in new loans during next three years

Four weeks ago foreign reserves increased due to official inflows including $622 million from ADB and $106 million from World Bank. Earlier, the SBP received $350 million under the CSF and made payments of $62 million for external debt servicing.

Published in The Express Tribune, July 28th, 2017.

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