Foreign exchange: SBP's reserves drop below $14b, stand at $13.9b
Decrease attributed to external debt servicing, other official payments
PHOTO: AFP
KARACHI:
The foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their downward spiral for the third consecutive week.
The SBP reserves decreased 1.95% on a weekly basis, according to data released by the central bank on Thursday.
On September 29, the foreign currency reserves held by the central bank were recorded at $13,857 million, down $275.7 million or 1.95% compared to $14,132.7 million in the previous week, according to the central bank.
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,763.2 million. Net reserves held by banks amounted to $5,906.2 million.
Foreign exchange: SBP's reserves continue to decrease, now stand at $14.13b
The decrease in reserves was attributed to external debt servicing and other official payments.
More than a month ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.
Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.
In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.
The foreign exchange reserves held by the State Bank of Pakistan (SBP) continued their downward spiral for the third consecutive week.
The SBP reserves decreased 1.95% on a weekly basis, according to data released by the central bank on Thursday.
On September 29, the foreign currency reserves held by the central bank were recorded at $13,857 million, down $275.7 million or 1.95% compared to $14,132.7 million in the previous week, according to the central bank.
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,763.2 million. Net reserves held by banks amounted to $5,906.2 million.
Foreign exchange: SBP's reserves continue to decrease, now stand at $14.13b
The decrease in reserves was attributed to external debt servicing and other official payments.
More than a month ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.
Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.
In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.