Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week decrease of 3.9% on August 22, according to data released by the SBP on Thursday.
SBP’s liquid foreign exchange reserves decreased $349 million to $8,554 million on a weekly basis. During the week, SBP made payments of $165 million on account of external debt and other official payments, which include $147 million payment to the International Monetary Fund. There was no major inflow during the week.
Total liquid foreign reserves held by the country, including net foreign reserves held by banks other than the SBP, stood at $13,581.6 million while net foreign reserves held by banks amounted to $5,027.2 million on August 22.
Pakistan’s foreign exchange reserves had increased more than 50% in 2013-14, which earned the SBP accolades from the International Monetary Fund (IMF).
Published in The Express Tribune, August 29th, 2014.
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