SBP reserves surge to $8,035.5 mn after IMF tranche

ISLAMABAD: Pakistan’s foreign exchange reserves dipped US$189 million to US$14,259.3 during the week ending on July 5.

According to the State Bank of Pakistan, the country’s total liquid foreign reserves stood at US$14,259.3 million on July 5.

The break-up of the foreign reserves position is as follows:

Foreign reserves held by the State Bank of Pakistan: US$ 7,083.6 million; net foreign reserves held by commercial banks: US$ 7,175.7   million; total liquid foreign reserves: US$  14,259.3 million.

The foreign reserves saw a decrease owing to the country’s external financing requirements, including payments on account of external debt servicing.

Earlier, on July 9, SBP received the first tranche from the International Monetary Fund (IMF) of US$991.4 million, after which SBP’s reserves increased to US$8,035.5 million.