SBP’s forex reserves fall $493m to $9.82b

KARACHI:

The foreign exchange reserves held by the central bank decreased 4.77% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On June 30, the foreign currency reserves held by the SBP were recorded at $9,816.3 million, down $493 million compared with $10,309 million on June 24.

According to the central bank, the decrease came mainly 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 $15,742.4 million. Net reserves held by banks amounted to $5,926.1 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 rates.

Published in The Express Tribune, July 8^th, 2022.

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