SBP's foreign exchange reserves decline $346 million, now stand at $17.146 billion

Foreign exchange reserves held by the State Bank of Pakistan (SBP) declined by $346 million on a weekly basis to $17.146 billion on October 22. The central bank did not provide a reason behind the decrease.

The data, released by the SBP Thursday evening, stated overall reserves held by Pakistan amounted to $23.933 billion.

Reserves held by commercial banks amounted to $6.787 billion.

Against USD: Pakistan's rupee continues to recover, closes at 172.26

Meanwhile, foreign exchange reserves are set for another boost after the announcement of Saudi Arabia's $4.2-billion support package in financial assistance to Pakistan.

The Saudi Fund for Development (SFD), on Tuesday night, announced the issuance of the Royal Directive to deposit an amount worth of $3 billion into the central bank of Pakistan, “to help the Pakistani government support its foreign currency reserves and support it in facing the impacts of the coronavirus pandemic,” read a statement by the Saudi Press Agency (SPA).

Additionally, the SFD said that the royal directive was also issued to finance the oil derivatives trade with a total amount of $1.2 billion throughout the year.

Earlier, Pakistan's foreign exchange reserves got a boost when, during the week ended August 27, SBP received proceeds of IMF SDR allocation amounting to $2.75 billion.