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Pakistan’s central bank reserves fall $220mn, now stand at $7.5bn

  • Total liquid foreign reserves held by country stand at $12.6 billion
Published October 26, 2023

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by a substantial $220 million on a weekly basis, clocking in at $7.5 billion as of October 20, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $12.6 billion. Net foreign reserves held by the commercial banks stood at $5.1 billion.

The central bank cited debt repayments as the reason for decrease in the reserves.

“During the week ended on October 20, 2023, SBP’s reserves decreased by $220 million to $7,494.2 million on account of debt repayments,” it said.

Last week, Pakistan’s central bank reserves had increased by $67 million.

In July this year, reserves held by the central bank got a boost as Pakistan received the first tranche of around $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. It also got inflows from Saudi Arabia and the UAE.

However, the central bank reserves have been under pressure due to debt repayments, rise in import payments after ease in restrictions, and lack of fresh inflows.

Comments

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ColX Oct 26, 2023 09:12pm
Peanuts compared to China and India and even Bangladesh!
thumb_up Recommended (2)
Anonymous Oct 26, 2023 09:41pm
They’re just playing with the whole nation. All this manipulation of dollar is going to bite us back and dollar is again going to skyrocket. Pkr will definitely cross the previous low of 340 just because of this economic incompetence leading to depletion of the reserves.
thumb_up Recommended (2)
Tulukan Mairandi Oct 26, 2023 10:14pm
Poorer than Bangladesh and Afghanistan too
thumb_up Recommended (1)
PT Oct 27, 2023 04:22am
@ColX, The generals are worth more than the central bank!
thumb_up Recommended (0)