Week-on-week: SBP’s reserves up $12 million

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) remained almost flat on a weekly basis on November 21, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves increased by $12 million to $8,506 million compared to $8,494 million in the previous week. During the week, the SBP made payments of $195 million on account of external debt servicing and other official payments, including $141 million paid to the International Monetary Fund (IMF). The SBP received $58 million from multilateral, bilateral and other sources during the week.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,219.9 million while net foreign reserves held by banks amounted to $4,713.5 million. Reserves were expected to increase by around $750-800 million following the sale of shares in OGDC on the London Stock Exchange.

Published in The Express Tribune, November 28^th, 2014.

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