Forex reserves fall by $59m to $7.64b

SBP attributes decline to debt repayments

KARACHI:

The State Bank of Pakistan (SBP) reported a 0.76% decrease in its foreign exchange reserves on a week-on-week basis, with the total now standing at $7.64 billion.

According to data released by the central bank on Thursday, its foreign currency reserves fell by $59 million to reach $7,636.7 million in the week ending on September 22, 2023, compared to the previous week’s tally of $7,695.3 million.

The SBP attributed the decline to debt repayments. The overall liquid foreign currency reserves of the country, including reserves held by commercial banks, amounted to $13,161.8 million, with commercial banks holding reserves of $5,525.1 million.

It’s worth noting that the central bank’s reserves had significantly improved last week, although the specific reason for the improvement was not announced.

The SBP’s reserves have experienced fluctuations but had improved modestly, primarily due to financial assistance from the International Monetary Fund (IMF) and friendly nations.

Published in The Express Tribune, September 29^th, 2023.

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