SBP Reserves Decline by $99 Million to $9.7 Billion

The foreign exchange reserves held by the central bank decreased 1.01 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On July 7, the foreign currency reserves held by the SBP were recorded at $9.717 billion, down $99 million compared to $9.816 on June 30 mainly due to due to external debt payments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $15.610 billion. Net reserves held by banks amounted to $5.893 billion.

The International Monetary Fund (IMF) announced on Thursday that it has reached a staff-level agreement with Pakistan that would pave the way for the disbursement of $1.17 billion and also increased the total loan size to $7 billion, subject to approval by the IMF’s Executive Board.

The $1.17 billion disbursement is expected in August after the Executive Board gives final approval.

The Pakistani Rupee (PKR) also halted losses against the US Dollar (USD) and appreciated by 0.14 percent against the USD to close at Rs. 209.80 after gaining 30 paisas in the interbank market today.



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