SBP reserves fall $26mn to $17.2bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell 0.14% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

The foreign currency reserves held by the central bank were recorded at $17,205 billion on July 9, showing a decrease of $26 million compared with $17.2 billion in the previous week.

The central bank gave no reason for the decrease in reserves.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,312.1 million.

Total liquid foreign #reserves held by the country stood at US$ 24.31 billion as of July 09, 2021. For details: https://t.co/WpSgomENV3 pic.twitter.com/8t62ecKYIN

— SBP (@StateBank_Pak) July 15, 2021

Net reserves held by banks amounted to $7,106.5 million.

The State Bank of Pakistan (SBP) said on July 14 it has received US$1.0 billion proceeds from the government’s recent Eurobond tap issue.

In a statement posted on its official Twitter handle, the central bank said: “SBP has received US$1.0bn proceeds of the government’s tap offering of its recently issued Euro Bond.”

Accordingly, State Bank of Pakistan’s foreign exchange reserves, as of July 13, have reached $18.2bn, which is the highest level since Jan 2017, it added.