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SBP-held foreign exchange reserves drop by $70mn, now stand at $7.78bn

  • Debt repayments and lack of fresh inflows put pressure on dollar stockpile
Published September 7, 2023

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by another $70 million on a weekly basis, clocking in at $7.779 billion as of September 1, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.127 billion. Net foreign reserves held by commercial banks stood at $5.347 billion.

The central bank cited debt repayments as the reason for the decrease in foreign currency reserves.

“During the week ended September 1, 2023, SBP’s reserves decreased by $70 million to $7,779 million on account of debt repayments,” it said.

Last week, foreign exchange reserves held by the SBP had decreased by $81 million.

In three weeks, the dollar stockpile has dropped by $276 million.

In July, reserves held by the SBP got a boost as Pakistan received the first tranche of about $1.2 billion from the International Monetary Fund (IMF) after its lender approved a new $3-billion Stand-By Arrangement. It also got inflows from Saudi Arabia and the UAE.

However, the central bank reserves are now back under pressure due to debt repayments, rise in import payments after ease in restrictions, and lack of fresh inflows.

Comments

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TidBit Sep 07, 2023 06:53pm
No country in the world, (except for the few african kingdoms), has fallen from grace as much as Pakistan has in the last two years. The country has almost become unrecognizable from itself that existed in 2020. There was hope, gusto, and stability in 2020. Now nothing. If IK and PTI is not allowed to return to power then the social rift will take decades to heal. BTW, IK PTI were never good for the economy., but they at least had stability and did not cede this much power to the military
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PTI doggy Sep 07, 2023 07:35pm
@TidBit, silly hilly billy Imran Khan niazi.
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NUSRAT ULLAH KHAN Sep 07, 2023 08:43pm
Where is notification? Can anyone please provide me notification.
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Power Sep 07, 2023 10:37pm
Pkr decline since 1980 due to fisad Afghanistan. Pk decline and pkr decline go together
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Awami Sep 08, 2023 02:09am
@imrsz, Funny but mindless suggestion for sure.
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