SBP reserves dip by $1.64bn in a week

Published
9
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

Follow Dawn Business on X, LinkedIn, Instagram and Facebook for insights on business, finance and tech from Pakistan and across the world.

Opinion

Editorial

Expanding conflict
31 Jul, 2026

Expanding conflict

WITH neither of the belligerents willing to back down, and the theatre of conflict expanding geographically, the...
Spoils and spats
31 Jul, 2026

Spoils and spats

A FIGHT over assembly seats in Azad Jammu and Kashmir has laid bare what seem to be some deep resentments between ...
Unfair tax system
31 Jul, 2026

Unfair tax system

THE disclosure that the FBR collected nearly Rs1.9tr in sales and income taxes through electricity bills over the...
Debt that stays
30 Jul, 2026

Debt that stays

THE power sector’s circular debt grew by Rs61bn in the last fiscal year, taking the total to roughly Rs1.67tr from...
HIV warning
30 Jul, 2026

HIV warning

THE HIV infections detected around two SESSI-run hospitals in Karachi demand far more than another hurried committee...
End trafficking
30 Jul, 2026

End trafficking

MODERN slavery, in the form of human trafficking, is among the state’s gravest failures. Scores of Pakistanis are...