Foreign exchange: SBP reserves fall $113m to $7.7bn

KARACHI: The foreign exchange reserves held by the central bank fell by $113 million during the week ended on August 26, according to data released by the State Bank of Pakistan (SBP) on Thursday.

Sharing a break-up of the foreign reserves position, SBP said that the foreign currency reserves held by the central bank were recorded at $7.7 billion, down by $113 million compared to $7.81 on August 19.

Total liquid foreign reserves held by the country stood at $13.4 billion, said the SBP and added that net foreign reserves held by commercial banks amounted to $5.7 billion.

“SBP has received proceeds of $1.16 billion (equivalent of SDR 894 million) from IMF under the Extended Fund Facility (EFF) on August 31, 2022 which would be included in SBP’s FX reserve position for the week ending on September 2, 2022,” the statement added.

The State Bank of Pakistan on Wednesday received the $1.16 billion loan from the International Monetary Fund (IMF).

The IMF board approved the seventh and eighth reviews of Pakistan’s Extended Fund Facility Programme (EFF), Finance Minister Miftah Ismail said in a tweet on Monday.