Forex reserves drop to $7.5 billion, down $220 million.
Weekly foreign exchange reserves for Pakistan dropped by $220
million, to a total of $7.494.2 billion.According to data issued by the State
Bank of Pakistan (SBP) on Thursday, as of October 20, reserves have decreased
by 2.8%.
The central bank's foreign currency reserves dropped by $220 million to $7,494.2 million in the week ending October 20 from a sum of $7,714.0 million the week before,
according to statistics it issued on Thursday.
The SBP reported that loan repayments were the cause of this significant decline.
Including the reserves held by commercial banks, the nation's total liquid foreign reserves
were $12,655.6 million. $5,161.4 million was in reserves held by commercial
banks.
Read:: Economy
exhibiting preliminary signs of recovery: SBP
The central bank
could not provide an explanation for the considerable improvement in reserves
last week.
The financial support provided by the IMF and friendly nations under the SBA helped the
country's foreign exchange.
The IMF contributed the first $1.2 billion of a $3 billion loan package, and Saudi Arabia and the United Arab Emirates put $3 billion into SBP's accounts.
The financial support provided by the IMF and friendly nations under the SBA helped the
country's foreign exchange.
The IMF contributed the first $1.2 billion of a $3 billion loan package, and Saudi Arabia and the United Arab Emirates put $3 billion into SBP's accounts.