Forex reserves inch up by $3m to $7.9b

Central bank gave no reason for increase in reserves

KARACHI:

The foreign exchange reserves held by the central bank edged up by 0.03% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On November 11, the foreign currency reserves held by the SBP were recorded at $7,959.5 million, up by $3 million compared with $7,957 million on November 4.

The central bank gave no reason for the increase in reserves.

Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $13,796.2 million. Net reserves held by banks amounted to $5,836.7 million.

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 the general allocation of Special Drawing Rights (SDRs) worth $2.751 billion from the International Monetary Fund (IMF) on August 24.

Later, during the week ended on September 2, 2022, the SBP received a tranche of $1.166 billion from the IMF under the Extended Fund Facility (EFF).

Published in The Express Tribune, November 18^th, 2022.

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