SBP’s forex reserves fall $748m to $8.24b

The foreign exchange reserves held by the central bank decreased 8.32% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 17, the foreign currency reserves held by the SBP were recorded at $8,237.7 million, down $748 million compared with $8,985.3 million
on June 10.

According to the central bank, the decrease came mainly due to external debt repayments. However, it added that “SBP reserves are expected to increase in coming days on realisation of proceeds of CDB (China Development Bank) loan.”

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,210.4 million. Net reserves held by banks amounted to $5,972.7 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.

Published in The Express Tribune, June 24^th, 2022.

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