Pakistan Foreign Exchange Reserves Decrease Further by $48 Million

The country foreign exchange reserves held by the central bank fell further by $48 million in the week ending on October 26, 2018. The central bank said that the total liquid foreign reserves held by the country stood at $14,184.5 million on October 26, 2018. ALSO READ Pakistan Foreign Exchange Reserves Decline by $219m As per the break-up of the reserves, the foreign reserves held by the State Bank of Pakistan stood at $ 7,776.9 million while the net foreign exchange reserves held by commercial banks stood at 6,407.6 million. The SBP said that the total liquid foreign exchange reserves (held by SBP and commercial banks) stood at $14,184.5 million. The bank said that the during the week ending October 26, 2018 the SBP’s reserves decreased by $48 million to US$7,777 million, due to external debt servicing and other official payments. Pakistan has recently secured a bailout package from Saudi Arabia during Prime Minister Imran Khan’s visit to the kingdom in the face of fast depleting foreign exchange reserves. ALSO READ Stock Market Gains 66.74 Points Amid Volatile Trade The Kingdom announced to give $3 billion in cash and oil on deferred payment for three years to Pakistan to help it avoid the looming balance of payment crisis, which compelled Islamabad to approach IMF for a programme to augment the external account’s deficit. At present, the government is reportedly in talks with UAE and China for securing a financial package. The Prime Minister on Thursday left for China on a five-day visit during which both the countries are expected to sign many agreements and MoUs for cooperation in different fields and sectors of the economy.