SBP's foreign exchange reserves continue to drop, stand at $13.8b

Published: October 12, 2017

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to remain on the path of downward spiral for the fourth consecutive week.

The SBP reserves decreased 0.50% on a weekly basis, according to data released by the central bank on Thursday.

On October 6, the foreign currency reserves held by the central bank were recorded at $13,787.9 million, down $69.1 million or 0.50% compared to $13,857 million in the previous week, said the central bank.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,672 million. Net reserves held by banks amounted to $5,884.1 million.

Foreign exchange: SBP’s reserves drop below $14b, stand at $13.9b

The decrease in reserves was attributed to payments on account of external debt servicing.

Almost four months ago, the foreign currency reserves rose in the wake of 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.

Facebook Conversations

Leave Your Reply Below

Your comments may appear in The Express Tribune paper. For this reason we encourage you to provide your city. The Express Tribune does not bear any responsibility for user comments.

Comments are moderated and generally will be posted if they are on-topic and not abusive. For more information, please see our Comments FAQ.

More in Business