SBP reserves rise $36m to $10.89b

Central bank cites no reason for increase

KARACHI:

The foreign exchange reserves held by the central bank increased 0.33% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On April 16, the foreign currency reserves held by the SBP were recorded at $10,885.7 million, up $36 million compared with $10,849.6 million on April 8.

The central bank cited no reason behind the increase in reserves.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $17,045 million. Net reserves held by banks amounted to $6,159.3 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.

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.

It received the first loan tranche of $991.4 million from the IMF on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.

Published in The Express Tribune, April 22^nd, 2022.

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