SBP Reserves Fall by $47 Million to $17.58 Billion

The State Bank of Pakistan’s foreign exchange reserves declined by 0.3 percent ($47 million) for the week that ended on 20 August, according to data released by the SBP on Thursday. The central bank (SBP) attributes this decline to debt repayments. ALSO READ Rupee Finally Posts Blanket Gains Against All Major Currencies Its foreign currency reserves were recorded at $17,578.9 million on 20 August, which is $47 million lower than the reserves recorded on 13 August at $17,625.9 million. In the current week, for which data is yet to be made public by the SBP, the International Monetary Fund (IMF) made payment of its SDR allocation of $2,751.8 million to Pakistan on 23 August 2021. This will improve the SBP’s reserves for the week ending August 27 – for which data will be made available on 2 September. However, the data released so far showed that for the week that ended on 20 August, the net reserves held by banks other than the central bank amounted to $7,040.4 million. ALSO READ SBP to Launch Roshan Apna Ghar Scheme For Overseas Pakistanis The data showed that Pakistan’s overall liquid foreign currency reserves, including net reserves held by banks other than the SBP, amounted to $24,619.3 million.