SBP reserves dip by $1.64bn in a week

Published October 22, 2021
A file photo of a person holding US dollar bills. — AFP/File
A file photo of a person holding US dollar bills. — AFP/File

KARACHI: While the US dollar has crushed the local currency, the foreign exchange reserves of the State Bank of Pakistan (SBP) have also started falling sharply that may further weaken the rupee.

The SBP reserves plunged by $1.646 billion to $17.492bn during the week ended on Oct 15 from over $20bn in August, announced the central bank on Thursday.

The State Bank said that reserves decreased mainly due to external debt repayments that included $1bn against Pakistan Inter­national Sukuk.

While the government is negotiating with IMF for loans, it has reportedly planned to raise $3.5bn through selling of bonds on the international market.

During the week the reserves of the commercial banks increased by $4m to $6.835bn.

The country’s overall forex holdings fell by $1.642bn to $24.327bn in the period under review.

Published in Dawn, October 22nd, 2021

Now you can follow Dawn Business on Twitter, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Courting controversy
Updated 01 Apr, 2023

Courting controversy

Pakistan cannot afford any of its top judges to be seen to be associated with one political narrative or the other.
No more freebies
01 Apr, 2023

No more freebies

PERHAPS amongst the major reasons Pakistan is fighting to maintain financial solvency today is that its rapacious...
Airports in private hands
01 Apr, 2023

Airports in private hands

THE government decision to ‘outsource’ the operations and land assets of the three main airports in Lahore,...
Sedition law
Updated 31 Mar, 2023

Sedition law

It is about time that our social contract is rewritten to reflect the primacy of the public’s right to democratic expression and dissent.
A step forward
31 Mar, 2023

A step forward

ALTHOUGH her post is temporary at the moment, Justice Musarrat Hilali has nevertheless made history by being...