SBP’s reserves fall below $9.5b as concerns rise
Foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged 3.16% on a weekly basis
SBP's reserves fall below $ 9.5 billion.PHOTO: State Bank Pakistan Logo/FILE.
KARACHI:
Foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged 3.16% on a weekly basis, according to data released by the central bank on Thursday, raising concerns over the country’s ability to finance a hefty import bill and meet debt obligations in coming months.
On July 6, foreign currency reserves held by the central bank were recorded at $9,479.5 million, down $309.3 million compared with $9,788.8 million in the previous week. The decrease was due to external debt and other official payments, according to the SBP statement.
Foreign exchange: SBP's reserves fall below $9.5b as concerns rise
Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,084.3 million. Net reserves held by banks amounted to $6,604.8 million. In April, the SBP’s reserves increased $593 million due to official inflows. Pakistan also raised $2.5 billion in November 2017 by floating dollar-denominated bonds in the international market in a bid to shore up official reserves.
A few months ago, the foreign currency reserves surged due to official inflows including $622 million from the ADB and $106 million from the World Bank.
Published in The Express Tribune, July 13th, 2018.
Foreign exchange reserves held by the State Bank of Pakistan (SBP) plunged 3.16% on a weekly basis, according to data released by the central bank on Thursday, raising concerns over the country’s ability to finance a hefty import bill and meet debt obligations in coming months.
On July 6, foreign currency reserves held by the central bank were recorded at $9,479.5 million, down $309.3 million compared with $9,788.8 million in the previous week. The decrease was due to external debt and other official payments, according to the SBP statement.
Foreign exchange: SBP's reserves fall below $9.5b as concerns rise
Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,084.3 million. Net reserves held by banks amounted to $6,604.8 million. In April, the SBP’s reserves increased $593 million due to official inflows. Pakistan also raised $2.5 billion in November 2017 by floating dollar-denominated bonds in the international market in a bid to shore up official reserves.
A few months ago, the foreign currency reserves surged due to official inflows including $622 million from the ADB and $106 million from the World Bank.
Published in The Express Tribune, July 13th, 2018.