Foreign exchange reserves held by the State Bank of Pakistan (SBP) experienced a significant decline, dropping 6.2% on a week-on-week basis, as reported on Thursday. The reserves reached $8.2 billion on July 21, marking a decrease of $541 million compared to $8.73 billion on July 14, 2023. The central bank attributed this decline to external debt repayments.
On July 14, Pakistan’s FX reserves had doubled, soaring to a nine-month high of $8.73 billion, thanks to new debt-financing inflows from the IMF and friendly countries like Saudi Arabia and UAE. This influx of funds significantly improved the country’s import capacity.
Published in The Express Tribune, July 28th, 2023.
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