Foreign exchange: SBP’s kitty down 1.5% week-on-week

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) recorded a week-on-week decrease of 1.5% on November 7, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves decreased $131 million from $8,618 million in the preceding week to $8,487 million on November 7.

During the week, the SBP made payments of $89 million on account of external debt servicing and other official payments. There were no significant inflows during the week, the SBP said.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,267.8 million while net foreign reserves held by banks amounted to $4,780.4 million. Reserves were expected to increase by around $750-800 million following the sale of shares in Oil and Gas Development Company. But the government scrapped the deal.

Published in The Express Tribune, November 14^th, 2014.

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