Home Business SBP’s reserves face a decrease of $75million

SBP’s reserves face a decrease of $75million

According to the central bank, the decline was caused by foreign debt payments.

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According to statistics provided by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves fell 0.74 percent weekly.

The SBP’s foreign currency reserves were $10,088.6 million on May 20, a $75 million decrease from $10,163.6 million on May 13.

According to the central bank, the decline was caused by foreign debt payments.

The country’s total liquid foreign currency reserves, comprising net reserves held by banks other than the SBP, were $16,149.8 million. Banks’ net reserves totaled $6,061.2 million.

The SBP’s foreign exchange reserves reached an all-time high of $20.15 billion on August 27, 2021. Because Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the IMF on August 24.

Pakistan borrowed $2.5 billion using Eurobonds on March 30, 2021. By offering attractive interest rates to lenders to boost foreign currency reserves.

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