Forex reserves fall to $8.6b
PHOTO: FILE
The foreign exchange reserves held by the central bank decreased 1.9% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On September 9, the foreign currency reserves held by the SBP were recorded at $8,624.0 million, down $176 million compared with $8,799.9 million on September 2.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $14,317.4 million. Net reserves held by banks amounted to $5,693.4 million. According to the central bank, the decrease came due to external debt and other payments.
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.
It received the first loan tranche of $991.4 million from the IMF on July 9, 2019.
Published in The Express Tribune, September 16th, 2022.
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