SBP reserves drop $869m to $14.96b
The foreign exchange reserves held by the central bank decreased 5.49% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On March 18, the foreign currency reserves held by the SBP were recorded at $14,962.4 million, down $869 million compared with $15,831.6 million on
March 11.
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 $21,439.7 million. Net reserves held by banks amounted to $6,477.3 million.
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 IMF on August 24.
Read: Foreign exchange: SBP reserves drop $869m to $14.96b
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, March 25th, 2022.
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