Business

SBP’s forex reserves fall by $32 million

Central bank cited debt repayments as the reason for the decrease in Pakistan’s foreign currency reserves

Our Correspondent August 04, 2023

The research head was of the view that the critically low foreign exchange reserves would not allow improvement in the rupee-dollar exchange rate. photo: file

KARACHI:

The foreign exchange reserves held by the State Bank of Pakistan (SBP) dropped 0.39% on a week-on-week basis and reached $8.15 billion, according to data released by the SBP on Thursday.

During the week ended on July 27, 2023, the central bank’s foreign currency reserves stood at $8,153.8 million, down $32.3 million compared to $8,186.1 million at the close of previous week.

The central bank cited debt repayments as the reason for the decrease in Pakistan’s foreign currency reserves.

Total liquid foreign currency reserves held by the country including those with commercial banks came in at $13,463.7 million. Of these, the commercial banks had reserves of $5,309.9 million.

Last week, the SBP’s reserves dropped 6.2% week-on-week, or $541 million, and reached $8.2 billion compared to $8.73 billion a week earlier.

Published in The Express Tribune, August 4^th, 2023.

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