Reserves rise $67m to $7.89b



KARACHI:

The foreign exchange reserves held by the central bank increased 0.85% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday. On August 12, the foreign currency reserves held by the SBP were recorded at $7,897.3 million, up $67 million compared with $7,830.3 million on August 5. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13,613.3 million. Net reserves held by banks amounted to $5,716 million. In the week ended August 27, 2021, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the IMF on August 24. On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders.

Published in The Express Tribune, August 20th, 2022.

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