SBP-held foreign exchange reserves plunge $341 million to $8 billion

Karachi: Sending an alarming signal to the economic managers, foreign exchange reserves held by the State Bank of Pakistan (SBP) have dropped another $341 million to reach $8 billion as of September 23, 2022.

According to data released by the State Bnak of Pakistan on Thursday, total liquid foreign reserves held by the country stood at $13.76 billion. Net foreign reserves held by commercial banks amounted to $5.76 billion.

“During the week ended on September 23, 2022, SBP’s reserves decreased by $341 million to $8,005.9 million due to external debt repayment,” said the SBP.

Earlier this month, SBP's reserves had increased as the central bank received the $1.2-billion tranche from the International Monetary Fund (IMF).

Later, the Saudi Development Fund also rolled over a $3-billion deposit with the SBP -- an amount that was due to mature in December 2022. However, this development was not meant to increase foreign exchange as the amount was already part of SBP's reserves.