SBP Reserves Fall Below $7.4 Billion After Decline of $115 Million

The foreign exchange reserves held by the central bank fell by $115 million on a weekly basis according to data released by the State Bank of Pakistan (SBP) on Thursday. On November 10, the foreign currency reserves held by the SBP were recorded at $7.397 billion, down $115 million compared to $7.512 billion on November 3. In a statement, the SBP said the decrease in reserves was due to debt repayments. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $12.536 billion, down $79 million over the previous week. The net reserves held by banks stood at $5.139 billion, registering an increase of $36 million during the week. It is pertinent to mention here that the International Monetary Fund (IMF) reached a staff-level agreement with Pakistan on Wednesday on the first review of a $3 billion package, where the country will receive $700 million after approval from the Fund’s Executive Board. In a statement today, Caretaker Finance Minister Dr Shamshad Akhtar said that the agreement with IMF is expected to serve as a catalyst for inflows from other bilateral donors.