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SBP’s reserves drop to $8.34 billion after payment of $274 million foreign loan this month

The foreign exchange reserves of the commercial banks too have declined to $5.72 billion from $6 billion a month ago.

ISLAMABAD: The foreign exchange reserves with the State Bank of Pakistan (SBP) further dropped to $8.34 billion after payment of $278 million foreign loans.

According to SBP’s latest data released Thursday evening, the national reserves have dropped to $14.07 billion.

The foreign exchange reserves of the commercial banks too have declined to $5.72 billion from $6 billion a month ago. It shows the commercial banks are facing pressure of buyers of dollars amid rapidly declining value of rupee.

“During the week ended on September 16, 2022, SBP’s reserves fell by $278 million, to $8.34 billion due to external debt repayment,” said the SBP.

Earlier this month, the reserves of the SBP surged to $9 billion when the central bank received $1.16 billion 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.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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