The foreign exchange reserves held by the central bank fell 2.4% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On September 17, the foreign currency reserves held by the SBP were recorded at $19,543.4 million, down $479 million compared with $20,022.7 million recorded on September 10.
“The decrease came on the back of external debt repayments,” stated the central bank.
Read More: SBP reserves fall $123m to $20b
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $26,402.6 million. Net reserves held by banks amounted to $6,859.2 million.
Earlier on August 27, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.
On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.
Published in The Express Tribune, September 24th, 2021.
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