SBP reserves fall $249m to $19.3b
PHOTO: FILE
The foreign exchange reserves held by the central bank fell 1.27% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On September 24, the foreign currency reserves held by the SBP were recorded at $19,294.5 million, down $249 million compared with $19,543.4 million recorded on September 17.
The central bank cited no reason behind the decrease in the reserves.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $26,150.8 million. Net reserves held by banks amounted to $6,856.3 million.
Read Foreign exchange: SBP reserves fall $249m to $19.3b
Earlier in the week ended 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, October 1st, 2021.
Like Business on Facebook, follow @TribuneBiz on Twitter to stay informed and join in the conversation.