The foreign exchange reserves held by the State Bank fell 1.89 per cent on a weekly basis, according to data released by the State Bank of Pakistan (SBP).

As per the latest figures shared by SBP, the foreign currency held by the central bank on June 18 were recorded at $16,106.1 million, down $311 million compared with $16,417.3 million recorded on June 11.

The bank said that the fall was witnessed because of the repayments of external debt.

Meanwhile, the overall liquid foreign currency reserves held by Pakistan, including net reserves held by banks other than the SBP, were recorded at $23,256.9 million. Net reserves held by banks amounted to $7,150.8 million.

 

On March 30, 2021, the country borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.

Pakistan on June, 2019, received the first tranche of $991.4 million from the International Monetary Fund (IMF) that helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.

The jump in the reserves was also witnessed on account of $2.5 billion in inflows from China. In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.

While in December 2019, the foreign exchange reserves surpassed the $10 billion mark due to the inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).

From : pk.mashable.com

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