The foreign exchange reserves held by the central bank decreased by 3.83% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On October 07, the foreign currency reserves held by the SBP were recorded at the treacherously low level of $7.596 billion, down $303 million compared with $7.899 billion on September 30.
According to the central bank, the decrease came due to external debt repayments, which included repayment of a commercial loan and interest payment on Eurobonds.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.246 billion. Net reserves held by banks amounted to $5.649 billion.
During the week ended September 2, 2022, SBP received $1.166 billion from IMF under the EFF (Extended Fund Facility) programme. Foreign currency reserves held by the SBP were recorded at $8,799.9 million, up $1.103 billion compared with $7.697 billion on August 26.
On June 24, the foreign currency reserves held by the SBP were recorded at $10.309 billion, up $2.071 billion compared with $8.237 billion on June 17.
Published in The Express Tribune, October 14th, 2022.
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