Forex reserves rise $1.1b to $8.8b
Analyst, however, does not expect sharp decline in forex reserves. PHOTO: FILE
The foreign exchange reserves held by the central bank increased 14.3% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
“During the week ended September 2, 2022, SBP received $1,166 million from IMF under EFF (Extended Fund Facility) programme,” the SBP said in a statement on Thursday.
On September 2, the foreign currency reserves held by the SBP were recorded at $8,799.9 million, up $1,103 million compared with $7,697.1 million on August 26.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,473.5 million. Net reserves held by banks amounted to $5,673.6 million.
“After accounting for external debt and other payments, SBP’s reserves increased from $1,103 million to $8,799.9 million,” read the statement.
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, September 9th, 2022.
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