Foreign exchange: SBP reserves fall $342m to $12.36b

The foreign exchange reserves held by the central bank declined 2.69% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On September 25, the foreign currency reserves held by the SBP were recorded at $12,359.7 million, down $342 million compared with $12,701.6 million in the previous week. According to the central bank, the fall came on the back of government’s external debt payments that amounted to $311 million, and other official payments. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,534.8 million. Net reserves held by banks amounted to $7,175.1 million. A few months ago, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.

Published in The Express Tribune, October 2^nd, 2020.

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