The foreign exchange reserves of the country dropped for the eighth straight week by $1.07 billion (5.77 per cent) on a week-on-week basis to reach $17.48 billion.
According to data released by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves held by the country decreased on a weekly basis during the week ended on April 01 to $17.48 billion from $18.55 billion billion recorded on March 25, 2022.
The foreign exchange reserves held by the central bank decreased 6.04 per cent on a weekly basis. On April 1, the foreign currency reserves held by the SBP were recorded at $11,319.2 million, down $728 million, compared with $12,047.3 million on March 25.
According to the central bank, the decrease largely reflected debt repayment and the government’s payment pertaining to the settlement of an arbitration award related to a mining project.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $17,476.9 million. Net reserves held by the commercial banks decreased to $6,157.7 million against $6,507.2 million in the preceding week, showing a decline of $349.5 million (-5.37 per cent)
The International Monetary Fund’s (IMF) Executive Board on February 2 approved Pakistan’s request for an $1 billion loan tranche. A meeting of the IMF’s Executive Board took place to discuss and finalise Pakistan’s request for the completion of the sixth review and release of a $1 billion tranche under the Extended Fund Facility (EFF).
The foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.
سید محمد مہدی
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