Forex reserves drop by $327m to $7.49b

SBP cites debt repayment as reason for decrease in reserves

KARACHI:

The foreign exchange reserves held by the central bank fell by 4.17% on a week-on-week basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On November 25, the foreign currency reserves held by the SBP were recorded at $7,498.7 million, down by $327 million compared with $7,825.7 million on November 18.

According to the central bank, the reserves decreased due to external debt repayment.

Overall, the liquid foreign currency reserves held by the country, including the net reserves held by banks other than the SBP, stood at $13,378.2 million. Net reserves held by banks amounted to $5,879.5 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 loan tranche of $1.166 billion from the IMF under the Extended Fund Facility (EFF).

Published in The Express Tribune, December 2^nd, 2022.

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