Decline: SBP’s reserves clock in at $13,386m

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.1% on a weekly basis on July 24, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves decreased $157 million to $13,386 million compared to $13,543 million in the previous week.

During the week, the SBP made payments of $92 million on account of external debt servicing, the SBP said.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,536 million while net reserves held by banks amounted to $5,150.2 million.

In the week ending on July 3, SBP-held foreign exchange reserves increased 3.8% mainly because of the receipt of $514 million from multilateral and bilateral sources, which included $506 million received from the IMF under the Extended Fund Facility.

Foreign exchange reserves held by the SBP had gone up 6.2% in the last week of June.

Published in The Express Tribune, July 31^st, 2015.

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