Week-on-week: Foreign exchange reserves decline $284m

SBP’s liquid foreign exchange reserves decreased to $8,222 million compared to $8,506 million in the previous week


Our Correspondent December 04, 2014

KARACHI:


Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 3.3% on a weekly basis on November 28, according to data released by the central bank on Thursday.


SBP’s liquid foreign exchange reserves decreased by $284 million to $8,222 million compared to $8,506 million in the previous week.


During the week, the SBP made payments of $435 million on account of external debt servicing and other official payments. The SBP received $65 million from multilateral, bilateral and other sources during the same week.


Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $12,992.9 million while net foreign reserves held by banks amounted to $4,771 million. Reserves were expected to increase by around $750-800 million following the sale of shares in Oil and Gas Development Company on the London Stock Exchange.

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

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