Monday, January 30, 2023

Alarm bells: Pakistan’s forex reserves fall $327m to $7.4bn

test

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) declined $327 million to $7.4 billion during the week ended on November 25, 2022, according to data released by the central bank.

“During the week ended on November 25, 2022, SBP’s reserves decreased by $327 million to $7,498.7 million due to external debt repayment,” said the SBP in a statement.

In a statement, the State Bank of Pakistan (SBP) said the total liquid foreign reserves held by the country stood at $13.38 billion. Net foreign reserves held by commercial banks clocked in at $5.88 billion.

On November 29, Pakistan received $500 million from the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance stated.

“Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves,” the ministry said in a post on its Twitter handle.

The SBP had also received $1.5 billion from the ADB on October 26, 2022 as disbursement of loan for the government of Pakistan.

Later, during the week ended on September 2, 2022, the SBP received a loan tranche of $1.166 billion from the IMF.

Comments

Latest Posts

LATEST NEWS

Comments