SBP reserves fall $1.65b to $17.5b

Net reserves held by banks amounted to $6,835.2 million


Our Correspondent October 22, 2021
A Reuters file image of SBP logo

KARACHI:

The foreign exchange reserves held by the central bank fell 8.6% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On October 15, the foreign currency reserves held by the SBP were recorded at $17,492.2 million, down $1.65 billion compared with $19,138.4 million on October 8.

According to the central bank, the decrease came on the back of external debt repayment that included repayment of $1 billion against Pakistan International Sukuk.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,327.4 million.

Net reserves held by banks amounted to $6,835.2 million.

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. 

Published in The Express Tribune, October 22nd, 2021.

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