Thursday, July 25, 2024

State Bank reserves fall to $7.4 Billion

According to information provided by the central bank, the foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $327 million to $7.4 billion during the week that concluded on November 25, 2022.

The SBP stated in a statement that “due to external debt repayment, SBP’s reserves declined by $327 million to $7,498.7 million during the week ending on November 25, 2022.”

State Bank of Pakistan (SBP)

The State Bank of Pakistan (SBP) said that the nation’s entire liquid foreign reserves were valued at $13.38 billion. The total amount of net foreign reserves held by commercial banks was $5.88 billion.

On October 26, 2022, the SBP also received $1.5 billion from the ADB as a loan disbursement.

The SBP received a loan tranche from the IMF totaling $1.166 billion during week that ended on September 2, 2022.

Asian Infrastructure Investment Bank (AIIB)

On November 29, Pakistan received $500 million from the Asian Infrastructure Investment Bank (AIIB), the Ministry of Finance stated.

“The government of Pakistan has today received $500 million from the AIIB. The funds are deposited with the State Bank of Pakistan (SBP) and will augment our reserves,” the ministry said in a post on its Twitter handle.

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