Foreign exchange: SBP reserves dip 0.78% to $14.589b

KARACHI:

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 0.78% on a weekly basis on November 13, according to data released by the central bank on Thursday.

SBP’s liquid foreign exchange reserves decreased by $115 million to $14,589 million compared to $14,704 million in the previous week. The decrease in reserves is mainly attributed to the payments of $89 million on account on external debt servicing. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,713 million while net reserves held by banks amounted to $5,124.3 million. SBP’s liquid foreign exchange reserves had decreased by $117 million in the previous week. The decrease was similarly attributed to the payments of $108 million on account on external debt servicing.

Four weeks ago, SBP-held reserves increased $1,794 million, after the central bank received $505 million from the IMF, $500 million as proceeds of the Pakistan International Bonds, $376 million under the Coalition Support Fund and $263 million as syndicate financing.

Published in The Express Tribune, November 20^th, 2015.

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