The State Bank of Pakistan released their Liquid Foreign Exchange reserves report on Thursday, October 8, 2020, showing a decline of $183 million, or 0.93 percent, by 2 October 2020.
The total liquid foreign exchange reserves held by the country stood at $19.351 billion, compared with $19.534 billion in the previous week. While the net reserves with the SBP dropped from $12.359 billion to $12.154 billion.
“SBP made external debt repayment of $580 million. After accounting for official inflows, including $300 million received from [the] Asian Development Bank (ADB), [the] SBP reserves decreased by $205 million to $12,154.7 million,” the central bank said in a statement. The foreign exchange reserves of commercial banks; however, marginally rose from $7.175 billion to $7.196 billion.
Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, while the second installment came in late December of around $454 million, both of which significantly helped to improve the reserves. In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).
More recently, the reserves jumped on account of $2.5 billion in inflows from China. A few months ago, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.
Stay Connected with ProPakistani
Get the latest business news, market insights, and economic updates wherever you prefer.
Add ProPakistani to Preferred Sources and see more of our stories in Google Search and Top Stories.
