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SBP reserves go down due to ‘govt external debt repayments’

SBP reserves go down due to ‘govt external debt repayments’

KARACHI: The foreign reserves held by the State Bank of Pakistan (SBP) declined by United States Dollar (USD)73 million in the week ending on 07 August.

The reserves declined due to government external debt repayments, said the SBP in a statement detailing the foreign reserves currently held by the country.

It said that overall reserves in the country stood at US$ 19,518.3 million on 07 August.

Giving a break-up of the reserves, it said that the foreign reserves held by the State Bank of Pakistan stood at US$ 12,469.3 million as compared to US$ 7,049.0 million reserves held by the commercial banks.

It is pertinent to mention here that the State Bank of Pakistan (SBP) announced an increase of United States Dollar (USD) 567 million in the liquid foreign reserves of the country on August 06.

Detailing the position of the reserves at the end of the week on 30 July, the SBP said that the overall foreign reserves stood at US$ 19,562.9 million in the country.

Giving its breakup, the central bank said that it holds the reserves of US$12,542.2 million as compared to the foreign exchange of US$ 7,020.7 million held by the commercial banks.

The SBP statement said that during the week ended 30-July-2020, its reserves increased by US$ 567 million to US$ 12,542.2 million.

“This increase is attributed to inflows from multilateral and bilateral agencies including US$ 505.5 million received from the World Bank.”