KARACHI: The foreign exchange reserves of the country dropped for the seventh straight week by $2.9 billion (13.48 percent) on a week-on-week basis to reach $18.55 billion.
According to data released by the State Bank of Pakistan (SBP) on Thursday, the foreign exchange reserves held by the country decreased on a weekly basis during the week ended on March 25 to $18.55 billion from $21.44 billion recorded on March 18,2022.
The foreign exchange reserves held by the central bank decreased by 19.5 percent on a weekly basis, as the foreign currency reserves were recorded at $12,047.3 million, down $2,915 million compared to $14,962.4 million on March 18.
According to the central bank, the decrease reflected repayment of external debt, including repayment of a major syndicated loan facility from China. “The rollover of this syndicated facility is being processed and is expected shortly,” it said.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $18,554.5 million. Net reserves held by banks amounted to $6,507.2 million.
The International Monetary Fund’s (IMF) Executive Board on February 2 approved Pakistan’s request for an $1 billion loan tranche. A meeting of the IMF’s Executive Board took place to discuss and finalise Pakistan’s request for the completion of the sixth Review and release of a $1 billion tranche under the Extended Fund Facility (EFF).
The foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.
