KARACHI: The State Bank of Pakistan (SBP) today (Thursday) announced that the foreign reserves held by the central bank declined 0.9 percent on a weekly basis.
According to a statement issued by the central bank, the fall came on the back of the government’s external debt repayments.
On September 18, the foreign currency reserves held by the SBP were recorded at $12,701.6 million, down $119 million compared with $12,820.4 million in the previous week.
Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,903.7 million. The state bank holds reserves of US$ 12,701.6 million as compared to US$7,202.1 million reserves held by commercial banks.
Earlier on September 17, the State Bank of Pakistan’s (SBP) net reserves increased by $13 million to $12.82 billion during the week ending on 11th of September. The SBP in a statement said that the overall foreign reserves of the country stood at $19.95 billion.
Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9 last year, which helped bolster the reserves. In late December, the IMF released the second loan tranche of around $454 million.
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