SBP reserves fall $470 million

Date:

The foreign exchange reserves held by the State Bank of Pakistan further drop by $470 million on a weekly basis.

The central bank’s reserves decreased by 4.15 per cent on a weekly basis on April 8, and recorded at $10,849.6 million, down $470 million compared to $11,319.2 million on April 1.

According to the SBP, the decrease came mainly due to external debt repayments and subsidies.

The SBP said that the overall liquid foreign currency reserves held by the country including net reserves held by banks other than the SBP stood at $17,028.1 million. According to the SBP, net reserves held by banks amounted to $6,178.5 million.

According to media, in the week ended August 27, 2021, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights worth $2,751.8 million from the International Monetary Fund on August 24.

On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves

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