Forex Reserves Fall by a Slight Margin

The foreign exchange reserves held by the central bank fell 0.09% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.

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On January 8, the foreign currency reserves held by the SBP were recorded at $13,400 million, down $12 million compared with $13,412.3 million in the previous week.

The central bank gave no reason for the decrease in reserves.

Overall, liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,519 million. Net reserves held by banks amounted to $7,119 million.

Pakistan received the first loan tranche of $991.4 million from the International Monetary Fund (IMF) on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.

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