The foreign exchange reserves held by the central bank fell 2.27% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On November 27, the foreign currency reserves held by the SBP were recorded at $13,110.9 million, down $305 million compared with $13,415.5 million in the previous week. The central bank said the decrease in reserves came on the back of external debt repayments. Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,241.8 million. Net reserves held by banks amounted to $7,130.9 million. Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9 last year, which helped bolster the reserves. In late December, the IMF released the second loan tranche of around $454 million. Previously, the reserves had jumped on account of $2.5 billion in inflows from China. 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, December 4th, 2020.
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