SBP’s forex reserves fall $754m to $8.6b

The foreign exchange reserves held by the central bank decreased 8.07% on a weekly basis, according to data released by the State Bank of Pakistan (SBP)
on Thursday.

On July 22, the foreign currency reserves held by the SBP were recorded at $8,575.1 million, down $754 million compared with $9,328.6 million on July 15.

According to the central bank, the decrease came 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 $14,414.6 million. Net reserves held by banks amounted to $5,839.5 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 rates.

Published in The Express Tribune, July 29^th, 2022.

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