SBP’s forex reserves fall $110 million to $8.04 billion

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell $110 million to $8.04 billion as of August 4, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.33 billion. Net foreign reserves held by commercial banks stood at $5.29 billion.

“During the week ended August 4, 2023, SBP’s reserves decreased by US$ 110 million to US$ 8,043.4 million on account of debt repayments,” the SBP said.

The SBP’s foreign exchange reserves last week decreased by $32 million as a result of external loan repayments.

The International Monetary Fund (IMF) sent Pakistan the first installment of roughly $1.2 billion last month after its lender approved a new $3 billion Stand-By Arrangement, boosting the SBP’s reserves. Two more quarterly evaluations will follow, the last one taking place in February 2024.

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