Week-on-week: Forex reserves decline 0.4%
Reserves are likely to increase soon because of the $550 million tranche approval from the International Monetary Fund. PHOTO: REUTERS
Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 0.4% on a weekly basis on March 13, according to data released by the central bank on Thursday.
SBP’s liquid foreign exchange reserves decreased by $46 million to $11,226 million compared to $11,272 million in the previous week.
Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,273.7 million while net foreign reserves held by banks amounted to $5,047.6 million.
Reserves are likely to increase soon because of the $550 million tranche approval from the International Monetary Fund (IMF) expected before the end of the month. Reserves went up significantly last month when the SBP received $717 million on account of the Coalition Support Fund (CSF).
Pakistan’s foreign exchange reserves witnessed a rapid rise in the last month of 2014 when the SBP received $1,221 million from multilateral, bilateral and other sources.
Published in The Express Tribune, March 20th, 2015.