SBP’s forex reserves stand at $7.59b

Reserves record no major change in week ended October 14

KARACHI:

The foreign exchange reserves held by the central bank remained almost flat on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On October 14, the foreign currency reserves held by the SBP were recorded at $7,597.2 million, up only $0.3 million compared with $7,596.9 million on October 7.

“During the week ended on October 14, 2022, SBP’s reserves recorded no major change, closing at $7,597.2 million,” the central bank said in a statement.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,250.9 million. Net reserves held by banks amounted to $5,653.7 million.

During the week ended September 2, 2022, the SBP received $1.166 billion from the IMF under the Extended Fund Facility (EFF). Foreign currency reserves held by the SBP were recorded at $8.799 billion, up $1.103 billion compared with $7.697 billion on August 26.

Published in The Express Tribune, October 21^st, 2022.

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