Forex reserves decline by 2.4% WoW
Liquid foreign currency reserves held by the country stood at $24,619.3 million. PHOTO: FILE
The foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped by 2.4% on a weekly basis, falling to $4.09 billion, according to data released on Thursday.
As of May 26, 2023, the SBP’s foreign currency reserves amounted to $4,090.7 million, reflecting a decrease of $102 million compared to $4,193.0 million on May 19.
The central bank highlighted that debt repayment obligations have contributed to the reduction in reserves.
When considering the overall liquid foreign currency reserves, including those held by banks other than the SBP, the total stood at $9,513.0 million. Among these, the net reserves held by banks amounted to $5,422.3 million.
Ismail Iqbal Securities, Head of Research, Fahad Rauf explained that significant improvements in Pakistan’s foreign currency reserves hinge on the revival of the IMF loan programme.
Published in The Express Tribune, June 2nd, 2023.
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