KARACHI: Pakistan’s foreign exchange reserves held by the State Bank of Pakistan (SBP) continued to fall as the foreign currency reserves held by the SBP were recorded at $7.44 billion as of October 21, 2022, down 157 million on a weekly basis, according to data released on Thursday.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.16 billion.
“During the week ended on October 21, 2022, SBP’s reserves decreased by $157 million to $7,439.9 million due to external debt repayment,” said the SBP in a statement.
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SBP received $1.5 billion from ADB on October 26, 2022 as disbursement of loan for the government of Pakistan.
“These proceeds will be reflected in SBP reserves for the week ending October 28, 2022,” it said.
SBP’s reserves increased in September as a result of the central bank receiving the $1.2 billion tranche from the IMF (IMF).
Additionally, the Saudi Development Fund extended a $3 billion deposit with the SBP that was scheduled to expire in December 2022. However, as the money was already a part of SBP’s reserves, this move was not intended to increase foreign exchange.
