Pakistan’s Central Bank Reserves Fall $123 Million To $20 Billion
According to data released by the State Bank of Pakistan on Thursday, Pakistan’s central bank’s foreign exchange reserves declined 0.61 percent every week.
The SBP’s foreign currency reserves were recorded at USD 20,022.6 million on September 3, down USD 123 million from USD 20,145.6 million on August 27.
The country’s total liquid foreign currency reserves, including net reserves held by banks other than the SBP, were USD 27,102.6 million. According to The Tribune Express, banks’ net reserves totaled USD 7,080 million.
After receiving an allotment of Special Drawing Rights (SDRs) of USD 2,751.8 million from the International Monetary Fund (IMF) on August 24, Pakistan’s central bank upped its foreign exchange reserves to USD 20.15 billion on August 27.
The reserves also increased as a result of USD 2.5 billion in Chinese inflows. The SBP successfully repaid over USD 1 billion in foreign debt on the maturity of Sukuk in 2020.