Foreign exchange: SBP's reserves decline 1.31%, amount to $13.1b

Decrease attributed to payments for external debt servicing


Our Correspondent February 08, 2018
Decrease attributed to payments for external debt servicing. PHOTO: REUTERS

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.31% on a weekly basis, according to data released on Thursday by the central bank, marking the eighth successive week of decline.

On February 2, foreign currency reserves held by the central bank were recorded at $13,060.6 million, down $173.4 million or 1.31% compared to $13,234 million in the previous week.

The decrease in reserves was attributed to external debt servicing and other official payments.

Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,182.9 million. Net reserves held by banks amounted to $6,122.3 million.

Foreign exchange: SBP's reserves continue to plunge, now stand at $13.2b

Pakistan raised $2.5 billion in November 2017 by floating dollar-denominated sovereign bonds in the international market in a bid to shore up official reserves.

A few months ago, foreign currency reserves surged 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.

COMMENTS (1)

Jiang jialiang | 3 years ago | Reply China will take care of Pakistan's reserves. China has 3161 Billion U.S. Dollars worth Foreign Exchange Reserves. Chinese FX reserves are Pakistan's as well.
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