KARACHI:
The foreign exchange reserves held by the central bank decreased 1.1% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On August 19, the foreign currency reserves held by the SBP were recorded at $7,809.9 million, down $87 million compared with $7,897.3 million on August 12.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,521.6 million. Net reserves held by banks amounted to $5,711.7 million.
In the week ended August 27, 2021, 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 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.
Published in The Express Tribune, August 26th, 2022.
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