Business

Foreign Exchange reserves fall $748m to $8.24b

Foreign Exchange reserves fall $748m to $8.24b

According to information made public by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves declined 8.32 percent on a weekly basis.

The SBP’s foreign exchange holdings were valued at $8,237.7 million on June 17, down $748 million from $8,985.3 million on June 10.

The drop, according to the central bank, was mostly brought on by repayments of external debt. “SBP reserves are projected to expand in the coming days on realisation of proceeds of CDB (China Development Bank) loan,” it was stated.

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In all, the nation maintained $14,210.4 million in liquid foreign currency reserves, including net reserves held by banks other than the SBP. The total amount of net reserves held by banks was $5,972.7 million.

The central bank’s foreign exchange holdings reached a record high of $20.15 billion in the week ending August 27, 2021, after Pakistan received the IMF’s general distribution of Special Drawing Rights (SDRs) worth $2,751.8 million on August 24.

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Sibtain Ali is a Senior Editor Business at Pakistan Lounge and joined in October 2021. Formerly business editor at a renowned International News website

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