SBP’s forex reserves fall $241m to $8.99b

Central bank gave no reason for decrease in reserves


Our Correspondent June 17, 2022
A Reuters file image of SBP logo

KARACHI:

The foreign exchange reserves held by the central bank decreased 2.6% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 10, the foreign currency reserves held by the SBP were recorded at $8,985.3 million, down $241 million compared with $9,226.2 million on June 3.

The central bank did not provide any reason for the decrease in reserves.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,943 million. Net reserves held by banks amounted to $5,957.7 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 the 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.

Published in The Express Tribune, June 17th, 2022.

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