Forex reserves fall $113m to $7.69b

Central bank gives no reason for decrease

KARACHI:

The foreign exchange reserves held by the central bank decreased 1.4% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On August 26, the foreign currency reserves held by the SBP were recorded at $7,697.1 million, down $113 million compared with $7,809.9 million on August 19. The SBP gave no reason for the decrease in reserves.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,403.5 million. Net reserves held by banks amounted to $5,706.4 million.

Read Govt maintaining forex reserves

“SBP has received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s FX reserves position for the week ending September 2, 2022,” the SBP said in its press statement on Thursday.

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 SDRs worth $2,751.8 million from the IMF on August 24.

 

Published in The Express Tribune, September 2^nd, 2022.

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