According to data released by the central bank on Thursday, the foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $74 million on a weekly basis.
As of April 19, the State Bank of Pakistan’s foreign currency reserves stood at $7.981 billion, marking a $74 million decline from the $8.055 billion recorded on April 12. The central bank attributed this decrease in reserves to external debt repayments, according to a statement.
The total liquid foreign currency reserves of the country, comprising net reserves held by banks besides the SBP, amounted to $13.281 billion, indicating a decrease of $93 million compared to the previous week.
The net reserves held by banks amounted to $5.299 billion, marking a $20 million decline during the week.
It’s noteworthy that the International Monetary Fund’s (IMF) executive board will convene on April 29 to deliberate on the approval of a $1.1 billion loan for Pakistan. Finance Minister Muhammad Aurangzeb has indicated that the country is anticipated to receive additional inflows in June, potentially elevating the foreign exchange reserves to the $10 billion mark.
