SBP reserves fall 3.14% to $8.56b

KARACHI: The foreign exchange reserves held by the central bank decreased 3.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On March 22, the foreign currency reserves held by the SBP were recorded at $8,560.9 million, down $277.8 million compared with $8,838.7 million in the previous week. “On March 25, 2019, the SBP received RMB 15 billion equivalent to $2.2 billion as proceeds of a loan obtained by the government of Pakistan from China,” stated the release. Overall, liquid foreign currency reserves, held by the country, including net reserves held by banks other than the SBP, stood at $15,473.9 million by March 22. Net reserves held by banks amounted to $6,913 million.

Published in The Express Tribune, March 30^th, 2019.

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