Home ECONOMY SBP reserves drop by $196m, stand at 7.4bn

SBP reserves drop by $196m, stand at 7.4bn

SBP reserves drop by $196m, stand at 7.4bn

KARACHI: The total liquid foreign reserves held by the country stood at $13.8 billion on November 9, 2018.

According to data released by the State Bank of Pakistan, foreign reserves held by central bank stood at $7.4 billion, while the net foreign reserves held by commercial banks stood at $6.3 billion.

During the week ending on November 9, SBP’s reserves decreased by $196 million owing to external debt servicing and other official payments.

The continued drop in the reserves is alarming as it raises concern about Pakistan’s ability to meet its financing requirements because the reserves have fallen below the $7.5 billion mark.

Although the Saudi government has recently assured Pakistan that the promised $3-billion financial assistance will be released in coming days, the impact is yet to be seen.