Foreign reserves at $18,828.7mn, down 6.13pc MoM basis

LAHORE: Foreign exchange reserves held by the State Bank of Pakistan (SBP) were recorded at $12,703.7 million, down $356.9 million or -2.73 per cent on weekly basis and -6.13 per cent month on month basis.

According to data released SBP here on Thursday, the total reserves of the country stood at $18,828.7 million, marking the ninth successive week of decline.

Meanwhile, net reserves held by banks amounted to $6,125.0 million, up $2.7 million or 0.04 per cent against $6,122.3 million last week.

The overall decrease in reserves was attributed to external debt servicing and other official payments.

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To boost foreign reserves Pakistan raised $2.5 billion in November 2017 by floating dollar-denominated sovereign bonds in the international market in a bid to shore up official reserves.

Earlier Pakistan received $622 million from Asian Development Bank, $106 million from the World Bank and $350 million under the Coalition Support Fund (CSF).

It also made payments of $62 million for external debt servicing and paid $500 million loan repayment to the State Administration of Foreign Exchange (SAFE), China in January.

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