SBP-held foreign exchange reserves fall $32mn, now stand at $8.15bn
- Reserves decrease on account of debt repayments
Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell $32 million on a weekly basis, clocking in at nearly $8.15 billion as of July 27, data released on Thursday showed.
Total liquid foreign reserves held by the country stood at $13.46 billion. Net foreign reserves held by commercial banks stood at $5.31 billion.
“During the week ended July 27, 2023, SBP’s reserves decreased by US$ 32 million to US$ 8,153.8 million on account of debt repayments,” the SBP said.
Last week, foreign exchange reserves held by the SBP fell a substantial $541 million due to external debt repayments.
Last month, reserves held by the SBP got a boost as Pakistan received the first tranche of about $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. There will be two more quarterly reviews, one in November and the last in February.
Additionally, Saudi Arabia and the UAE, which committed lending earlier, also deposited their financing with Pakistan’s central bank.
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