SBP forex reserves rise 0.45%, but stay below $15b

Staff Reporter
After a continuous decline for the past five weeks, the foreign exchange reserves held by the State Bank of Pakistan (SBP) rose 0.45% on a weekly basis, according to data released by the central bank on Thursday. On August 18, the foreign currency reserves held by the central bank were recorded at $14,375.1 million, up $64.6 million or 0.45%, compared to $14,310.5 million in the previous week, according to the central bank. Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $20,046.3 million. Net reserves held by banks amounted to $5,671.2 million. More than a month ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank. Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing. In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

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