Forex: Reserves dip on debt repayment

The central bank’s foreign exchange reserves decreased by $412 million to $3.2 billion.


Our Correspondent January 09, 2014
According to a SBP spokesperson, the decrease is partly due to payments of $160 million on account of external debt servicing. CRETAIVE COMMONS

KARACHI:


Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 11.2% during the week ending on January 3, according to data released by the SBP on Thursday.


The central bank’s foreign exchange reserves decreased by $412 million to $3.2 billion compared to the $3.6 billion held at the end of the preceding week.


According to a SBP spokesperson, the decrease is partly due to payments of $160 million on account of external debt servicing. About $109 million was paid to the International Monetary Fund (IMF) as the 26th installment of the Stand-by Agreement besides other official payments from the SBP’s reserves during the week ending January 3.


Total liquid foreign reserves held by the country − which include foreign exchange reserves of the banking sector − stood at $8 billion on January 3 as opposed to $8.5 billion in the preceding week, showing a weekly decrease of 5.5%.


Published in The Express Tribune, January 10th, 2014.

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