SBP’s forex reserves fall $389m to $9.3b
PHOTO: FILE
The foreign exchange reserves held by the central bank decreased 4% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On July 15, the foreign currency reserves held by the SBP were recorded at $9,328.6 million, down $389 million compared with $9,717.5 million on July 7.
According to the central bank, the decrease came mainly due to external debt repayments.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15,241.5 million. Net reserves held by banks amounted to $5,912.9 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.
Published in The Express Tribune, July 22nd, 2022.
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