Pakistan's total liquid foreign reserves fall to $14.99 billion: SBP

Published October 10, 2019
The central bank's reserves witnessed an increase of $16 million to reach $7.76bn during the week ending October 4. — Reuters/File
The central bank's reserves witnessed an increase of $16 million to reach $7.76bn during the week ending October 4. — Reuters/File

The country's total liquid foreign reserves stood at $14.992 billion on October 4, a press release issued by the State Bank of Pakistan on Thursday said.

During the week ending on September 27, the country’s total reserves had been reported at $15.003bn.

The central bank's own reserves witnessed an increase of $16 million to reach $7.76bn during the week ending October 4, the handout added.

According to a breakup of the foreign reserves position provided by SBP:

  1. Foreign reserves held by the State Bank of Pakistan — $7.757bn
  2. Net foreign reserves held by commercial banks — $7.235bn
  3. Total liquid foreign reserves — $14.992bn

Also read: SBP discovers stabilisation may slow growth

Remittances decline

The central bank also reported a decline in the remittances sent by overseas Pakistanis in the first three months of FY 2019-20.

"Overseas Pakistani workers remitted $5,478.11 million in the first three months (July to September) of FY20, compared to $5,557.61m received during the same period in the preceding year," said the SBP statement.

The central bank observed, however, that during September, the remittances amounted to $1,747.95m, 3.4 per cent higher than August and 17.6 per cent greater than the amount received in September 2018.

The inflows per country in September show that from Saudi Arabia remittances amounted to $420.88m as compared to $360.16m in September 2018 and from UAE the figures stood at $363.34m as compared to $308.13m.

From the US $281.91m were received as compared to $240.49m, from UK $264.89m as compared to $216.75m and from GCC countries (including Bahrain, Kuwait, Qatar and Oman) $162.77m as compared to $134.49m.

Remittances from the EU this September stood at $53.20m as compared to $41.14m last September.

"Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during September 2019 amounted to $200.95m together as against $185.31m received in September 2018," the statement added.

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