Foreign exchange: SBP's reserves increase $82.2m to $10.23b
Central bank cites no reason for increase
Central bank cites no reason for increase. PHOTO: REUTERS
KARACHI:
Foreign exchange reserves held by the central bank increased 0.81% on a weekly basis, according to data released on Thursday.
On August 17, the foreign currency reserves held by the SBP were recorded at $10,234.8 million, up $82.2 million compared with $10,152.6 million in the previous week.
Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,722.8 million. Net reserves held by banks amounted to $6,488 million.
Three weeks ago, China reportedly agreed to immediately give a loan of $2 billion to Pakistan, a move meant to arrest the slide in foreign currency reserves and provide much-needed breathing space to the new government.
Of the agreed amount, $1 billion had already been transferred to the central bank account. According to officials in the Ministry of Finance, the loan would be categorised as official bilateral inflow.
Foreign exchange: SBP's reserves decrease $216.5m to $10.15b
Earlier, the reserves had dipped to an alarmingly low level at $9.06 billion, forcing the central bank to let the rupee depreciate massively on four separate occasions since December 2017, and sparking concerns about the country's ability to finance a hefty import bill and meet debt obligations in coming months.
In April, the SBP's reserves had increased $593 million due to official inflows.
A few months ago, the foreign currency reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank. The SBP also received $350 million under the Coalition Support Fund (CSF).
In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.
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.
Foreign exchange reserves held by the central bank increased 0.81% on a weekly basis, according to data released on Thursday.
On August 17, the foreign currency reserves held by the SBP were recorded at $10,234.8 million, up $82.2 million compared with $10,152.6 million in the previous week.
Overall, liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,722.8 million. Net reserves held by banks amounted to $6,488 million.
Three weeks ago, China reportedly agreed to immediately give a loan of $2 billion to Pakistan, a move meant to arrest the slide in foreign currency reserves and provide much-needed breathing space to the new government.
Of the agreed amount, $1 billion had already been transferred to the central bank account. According to officials in the Ministry of Finance, the loan would be categorised as official bilateral inflow.
Foreign exchange: SBP's reserves decrease $216.5m to $10.15b
Earlier, the reserves had dipped to an alarmingly low level at $9.06 billion, forcing the central bank to let the rupee depreciate massively on four separate occasions since December 2017, and sparking concerns about the country's ability to finance a hefty import bill and meet debt obligations in coming months.
In April, the SBP's reserves had increased $593 million due to official inflows.
A few months ago, the foreign currency reserves surged due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank. The SBP also received $350 million under the Coalition Support Fund (CSF).
In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.
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.