SBP reserves are down $223 million to $17.6 billion

SBP reserves are down $223 million to $17.6 billion

According to data provided by the State Bank of Pakistan (SBP), the central bank’s foreign exchange reserves are down 1.25% every week.

After accounting for other official inflows, the foreign currency SBP reserves were recorded at $17,622.7 million on August 6, down $223 million from $17,846 million on July 30.

According to the central bank, the reduction was attributed to the State Bank of Pakistan’s foreign debt obligations and payments for the import of Covid-19 vaccinations worth $245 million and other official charges. The country’s total liquid foreign currency reserves, comprising net funds held by banks other than the SBP reserves, were $24,644 million. The total amount of net funds held by banks was $7,021.3 million.

Pakistan borrowed $2.5 billion using Eurobonds on March 30, 2021, to increase its foreign exchange reserves by providing lenders attractive interest rates.

On July 9, 2019, it got the first loan tranche of $991.4 million from the IMF, which helped to boost reserves. The IMF released the second loan tranche of $454 million in late December 2019.

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