KARACHI: Due to external debt, other payments, the foreign exchange reserves held by the central bank fell by $176 million during the week ended on September 9, according to data released by the State Bank of Pakistan (SBP) on Thursday.
According to SBP, the central bank’s foreign exchange holdings were recorded at $8.62 billion, down from $7.7 billion on August 19 by $176 million.
The SBP reported that the nation’s total liquid foreign reserves were $14.32 billion, with commercial banks holding net foreign reserves totaling $5.7 billion.
The SBP said that external debt and other payments caused its reserves to drop by $176 million to $8,624 million during the week that ended on September 9, 2022.
Last week, SBP’s reserves increased as the central bank received the $1.2-billion tranche from the International Monetary Fund (IMF).
The reserves’ position is critical for Pakistan which has been desperately seeking dollar inflows to meet its balance-of-payments needs.
A low level of reserves has caused severe pressure on its currency market with the rupee witnessing its worst monthly performance in July in over 50 years.
The rupee gained some ground as Pakistan met all prior conditions of the IMF, a development that helped it secure $1.17 billions of inflow under the Extended Fund Facility (EFF).
