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Forex reserves down by $765 million in two weeks

By S N Syed

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan have further fallen by seven percent to $10.033 billion on May 25 compared to $10.798 billion on May 11.

According to data released by the State Bank of Pakistan on Thursday, the total liquid foreign reserves held by Pakistan have reached to $16.40 billion compared to $17.067 billion on 11 May 2018.

Foreign currency reserves held by the State Bank of Pakistan remained at US$10.033 billion against $10.798 billion on May 11 while net foreign reserves held by commercial banks stood at US$6.373 billion compared to $6.268 billion two weeks ago.

On May 4, foreign currency reserves held by the central bank were recorded at $11.16 billion.

The foreign currency reserves were down by 3.3 percent a couple of weeks ago too.

Foreign currency reserves had surged few months back due to official inflows that included $106 million from the World Bank and $622 million from the Asian Development Bank (ADB).

In November 2017, the country had raised $2.5 billion by floating dollar-denominated bonds in the international market in a bid to increase official reserves.

Earlier, the SBP received $350 million under the Coalition Support Fund (CSF). In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

 

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