SBP reserves fall $463m to $15.73b

Decrease comes on back of external debt, other payments

KARACHI:

The foreign exchange reserves held by the central bank fell 2.86% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On January 28, the foreign currency reserves held by the SBP were recorded at $15,727.6 million, down $463 million compared with $16,190.1 million on January 21.

According to the central bank, the decrease came due to external debt and other payments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $22,084.5 million. Net reserves held by banks amounted to $6,356.9 million.

Read Foreign exchange: SBP reserves fall $463m to $15.73b

Earlier in the week ended August 27, 2021 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, February 4^th, 2022.

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