SBP foreign exchange reserves fall by $134 million to $7.83 billion

According to figures issued on Thursday the foreign exchange reserves held by the State Bank of Pakistan (SBP) have further fallen by $134 million on a weekly basis totalling $7.83 billion as of November 18.

The country’s total liquid foreign reserves were at $13.65 billion with the net foreign reserves of commercial banks at $5.82 billion.

“SBP’s reserves declined by $134 million to $7,825.7 million during the week ending November 18, 2022 owing to external debt payments,” the SBP stated in a statement.

Finance Minister Ishaq Dar revealed earlier this month that the SBP will receive $500 million from the Asian Infrastructure Investment Bank (AIIB) in the current month. He announced in a tweet that the AIIB board authorized the funds as co-financing of the Asian Development Bank (ADB) sponsored BRACE initiative for Pakistan.

“These funds would be received by the State Bank of Pakistan by November 2022,” he stated.

On October 26 the SBP got $1.5 billion from the ADB as a loan disbursement for the government of Pakistan.

SBP reserves grew in September after the central bank received a $1.2-billion tranche from the International Monetary Fund (IMF).

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