According to data released by the State Bank of Pakistan (SBP) on Thursday, the central bank’s foreign exchange reserves fell by 1.7 percent on a weekly basis.
The SBP’s foreign currency reserves were $7.825 billion on November 18, down $134 million from $7.960 billion on November 11 due to external debt repayments.
The country’s total liquid foreign currency reserves, including net reserves held by banks other than the SBP, were $13.64 billion.
Bank net reserves were $5.82 billion, down $18 million from the previous year. It is worth noting that Pakistan must pay $1 billion on December 5th in order for the five-year Sukuk to mature.
“During the week ended on November 18, 2022, SBP’s reserves decreased by $134 million to $7,825.7 million due to external debt repayment,” said the SBP in a statement.
Finance Minister Ishaq Dar announced earlier this month that the SBP will receive $500 million from the Asian Infrastructure Investment Bank (AIIB) in the current month.
The finance minister announced the funding in a tweet, describing it as “co-financing of the Asian Development Bank (ADB) funded BRACE programme for Pakistan.”
“These funds will be received by the State Bank of Pakistan by November 20, 2022,” he said.
Continuous deterioration
In the current fiscal year (FY23), central bank reserves have fallen by nearly $2 billion, while reserves have fallen by nearly $10 billion in the current calendar year.
Liquid Foreign Exchange Reserves held by SBP
| November 18 (Current) | June 30, 2022 | Dec 31, 2021 | CYTD Decline |
| 7.82 billion | 9.8 billion | 17.68 billion | 9.86 billion |
The central bank reserves stood at $17.68 billion on December 31, 2021, and had decreased by $9.86 billion through November 18.
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