AIRLINK 74.64 Decreased By ▼ -0.21 (-0.28%)
BOP 5.01 Increased By ▲ 0.03 (0.6%)
CNERGY 4.51 Increased By ▲ 0.02 (0.45%)
DFML 42.44 Increased By ▲ 2.44 (6.1%)
DGKC 87.02 Increased By ▲ 0.67 (0.78%)
FCCL 21.58 Increased By ▲ 0.22 (1.03%)
FFBL 33.54 Decreased By ▼ -0.31 (-0.92%)
FFL 9.66 Decreased By ▼ -0.06 (-0.62%)
GGL 10.43 Decreased By ▼ -0.02 (-0.19%)
HBL 114.29 Increased By ▲ 1.55 (1.37%)
HUBC 139.94 Increased By ▲ 2.50 (1.82%)
HUMNL 12.25 Increased By ▲ 0.83 (7.27%)
KEL 5.21 Decreased By ▼ -0.07 (-1.33%)
KOSM 4.50 Decreased By ▼ -0.13 (-2.81%)
MLCF 38.09 Increased By ▲ 0.29 (0.77%)
OGDC 139.16 Decreased By ▼ -0.34 (-0.24%)
PAEL 25.87 Increased By ▲ 0.26 (1.02%)
PIAA 22.20 Increased By ▲ 1.52 (7.35%)
PIBTL 6.80 No Change ▼ 0.00 (0%)
PPL 123.58 Increased By ▲ 1.38 (1.13%)
PRL 26.81 Increased By ▲ 0.23 (0.87%)
PTC 14.01 Decreased By ▼ -0.04 (-0.28%)
SEARL 58.53 Decreased By ▼ -0.45 (-0.76%)
SNGP 68.01 Decreased By ▼ -0.94 (-1.36%)
SSGC 10.47 Increased By ▲ 0.17 (1.65%)
TELE 8.39 Increased By ▲ 0.01 (0.12%)
TPLP 11.05 Decreased By ▼ -0.01 (-0.09%)
TRG 63.21 Decreased By ▼ -0.98 (-1.53%)
UNITY 26.59 Increased By ▲ 0.04 (0.15%)
WTL 1.42 Decreased By ▼ -0.03 (-2.07%)
BR100 7,941 Increased By 103.5 (1.32%)
BR30 25,648 Increased By 196 (0.77%)
KSE100 75,983 Increased By 868.6 (1.16%)
KSE30 24,445 Increased By 330.8 (1.37%)
Markets

SBP-held foreign exchange reserves fall just below $8bn

  • Central bank attributes decrease in reserves to external debt repayments
Published April 25, 2024

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $74 million on a weekly basis, clocking in at $7.981 billion as of April 19, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.28 billion. Net foreign reserves held by commercial banks stood at $5.299 billion.

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

“During the week ended on 19-Apr-2024, SBP’s reserves decreased by US$ 74 million to US$ 7,981.2 million due to external debt repayments,” it said.

Last week, Pakistan’s central bank reserves had increased by $14.4 million.

The reserves had remained above $8 billion despite the repayment of $1 billion maturing Pakistan’s International Bond.

SBP chief Jameel Ahmad in a statement said qualitative improvements in the external account had allowed the central bank to more than double its foreign exchange reserves from $3.1 billion in January 2023 to around $8 billion despite the repayment of a $1 billion Eurobond this month.

He said Pakistan was hopeful of signing a long-term International Monetary Fund (IMF) programme, which will facilitate additional external financing and the adoption of structural reforms to deal with longstanding issues in the economy.

It may be noted that Pakistan is expected to receive $1.1 billion in final tranche of the current $3 billion Stand- By Arrangement (SBA).

The IMF on Wednesday said it’s Executive Board will meet on April 29 to discuss the approval of $1.1-billion funding for Pakistan.

Comments

200 characters
Qurban Hussain Shah Apr 26, 2024 01:02am
Mein disable person hu mein ny I.com kiya hai mujay koi government job di jay
thumb_up Recommended (0) reply Reply
Asad Nawab Apr 26, 2024 07:13am
Wow, that's a lot of information about Pakistan's foreign exchange reserves! It's interesting to see how they fluctuate over time. Thanks for sharing!
thumb_up Recommended (0) reply Reply