Foreign currency: Reserves edge down 1.3%

The central bank’s foreign exchange reserves decreased $123 million to $9.276 billion.


Our Correspondent August 04, 2014

KARACHI:


Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week nominal decrease of 1.3% on July 25, according to data released by the SBP on Monday.


The central bank’s foreign exchange reserves decreased $123 million to $9.276 billion compared to $9.399 billion in the preceding week.


During the week ended July 25, the SBP made payments of $70 million on account of external debt servicing and other official payments. It did not receive any significant inflows during the week.


Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $14.340 billion while net reserves held by banks amounted to $5.065 billion on July 25.


On a year-on-year basis, Pakistan’s foreign exchange reserves rose more than 50% in the previous fiscal year 2013-14. The steep rise in the SBP-held reserves in the second half of the year was praised by international financial institutions including the International Monetary Fund as well as global rating agencies.


Published in The Express Tribune, August 5th, 2014.

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