The country’s total liquid foreign reserves were $13.38 billion. Commercial banks’ net foreign reserves totaled $5.88 billion.
“SBP’s reserves decreased by $327 million to $7,498.7 million during the week ended November 25, 2022 due to external debt repayment,” the SBP said in a statement.
According to the Ministry of Finance, Pakistan received $500 million from the Asian Infrastructure Investment Bank (AIIB) on November 29.
“Government of Pakistan has today received $500 million from AIIB. The funds are deposited with the State Bank of Pakistan and will augment our reserves,” the ministry said in a post on its Twitter handle.
Govt of Pakistan has today received US$ 500 million from Asian Infrastructure Investment Bank (AIIB). The funds are deposited with SBP and will augment our reserves. @AIIB_Official @StateBank_Pak @MIshaqDar50
— Ministry of Finance (@FinMinistryPak) November 29, 2022
However, because the amount was received after the cut-off date, the development was not reflected in SBP’s data. The assistance will be reflected in the reserves the following week.
On October 26, 2022, the SBP received $1.5 billion from the ADB as loan disbursement for the government of Pakistan.
SBP reserves increased in September as the central bank received a $1.2-billion tranche from the International Monetary Fund (IMF).
The Saudi Development Fund also extended a $3 billion deposit with the SBP, which was set to mature in December 2022. This development, however, was not intended to increase foreign exchange because the amount was already part of the SBP’s reserves.
The position of the reserves is critical for Pakistan, which has been desperate for dollar inflows to meet its balance-of-payments needs. A lack of forex reserves has also put pressure on the currency, which has only recently stabilized.
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