SBP’s forex reserves fall $190m to $8.4b

Decline came due to external debt and other payments


Our Correspondent August 05, 2022
A Reuters file image of SBP logo

KARACHI:

The foreign exchange reserves held by the central bank decreased 2.2% on a weekly basis, according to data released by the State Bank of Pakistan (SBP)
on Thursday.

On July 29, the foreign currency reserves held by the SBP were recorded at $8,385.4 million, down $190 million compared with $8,575.1 million on July 22. 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 $14,208.7 million. Net reserves held by banks amounted to $5,823.3 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 interest rates to lenders aimed at building the foreign exchange reserves.

Published in The Express Tribune, August 5th, 2022.

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