SBP Reserves Down $87 Million to $7.8 Billion

The foreign exchange reserves held by the central bank decreased 1.1 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

On August 19, the foreign currency reserves held by the SBP were recorded at $7.810 billion, down $87 million compared to $7.897 on August 12.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.521 billion. Net reserves held by banks stood at $5.712 billion, registering a decrease of $4 million.

The central bank reserves are sufficient to cover import bill of only 1.1 months, according to Arif Habib Limited.

The rupee slid against the US dollar for the fourth consecutive day on Thursday despite promising news that the Qatar Investment Authority, one of the world’s biggest sovereign funds, is considering pouring $3 billion into Pakistan.

However, the International Monetary Fund (IMF) is likely to approve a tranche of $1.17 billion for Pakistan during its Executive Board meeting scheduled for August 29. The loan tranche coupled with inflows from various friendly countries will boost the country’s reserves in the coming weeks.

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