SBP reserves fall $223mn to $17.6bn

KARACHI: The State Bank of Pakistan’s (SBP) foreign exchange reserves fell 1.25% 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 $17,622 million on July 30, showing a decrease of $223 million compared with $17.8 billion in the previous week.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,644 million.

Net reserves held by banks amounted to $7,021.3 million.

Finance Minister Shaukat Tarin earlier today said that Pakistan will receive $2.77 billion from the International Monetary Fund (IMF) on August 23.

Shaukat Tarin, while addressing a press conference in Islamabad today, welcomed the International Monetary Fund (IMF) for the issuance of $650 billion to different countries. He added that Pakistan will get $2.77 billion on August 23.

The finance minister said that the funds are being given unconditionally to Pakistan that will be transferred to the account of the State Bank of Pakistan (SBP). He said that IMF was disbursing the funds to the countries for coping with the crisis of the coronavirus pandemic.