Foreign exchange: SBP reserves fall $169m to $17.69b

The foreign exchange reserves held by the central bank fell 0

95% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday

On December 31, the foreign currency reserves held by the SBP were recorded at $17,686 million, down $169 million compared with $17,855

3 million on December 24

The central bank gave no reason behind the decrease

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $24,018

8 million

Net reserves held by banks amounted to $6,332

8 million

Earlier in the week ended on August 27, the foreign exchange reserves held by the central bank soared to an all-time high of $20

15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751

8 million from the International Monetary Fund (IMF) on August 24

On March 30, 2021, Pakistan borrowed $2

5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves

It received the first loan tranche of $991

4 million from the IMF on July 9, 2019, which helped bolster the reserves

In late December 2019, the IMF released the second loan tranche of around $454 million

The reserves also jumped on account of $2

5 billion in inflows from China

In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk

In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1

3 billion from the Asian Development Bank (ADB)

Date:07-Jan-2022 Reference:View Original Link