Pakistan’s Foreign Reserves Fall Sharply By $123 Million
The State Bank of Pakistan’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, according to the Pakistan Media.
Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at USD 27,102.6 million. Net reserves held by banks amounted to USD 7,080 million, as reported.
According to data released by the State Bank of Pakistan on Thursday, Pakistan’s central bank’s foreign exchange reserves declined 0.61 percent on a weekly basis. The decline was caused by repayments of external loans, according to the central bank.
The country’s total liquid foreign currency reserves, which include net reserves held by banks other than the SBP, were USD 27,102.6 million. Banks’ net reserves totalled just USD 7,080 million.
On July 9, 2019, it got the first loan tranche of $991.4 million from the IMF, which helped to boost reserves.The IMF released the second loan tranche of roughly USD 454 million in late December 2019. The reserves also increased as a result of USD 2.5 billion in Chinese inflows. The SBP has somehow repaid over $1 billion in foreign debt in 2020.
