Home General Foreign reserves cut by $329.6 million to $23,256 billion: SBP

Foreign reserves cut by $329.6 million to $23,256 billion: SBP

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KARACHI: The foreign exchange reserves of the country decreased by $329.60 million (1.4 percent) to $23,256.9 million by the week ended June 18, 2021, State Bank of Pakistan (SBP) said on Thursday.
The foreign exchange reserves of the country were at $23,586.50 million by a week earlier ended June 11, 2021.
The foreign exchange reserves held by the central bank decreased 1.90 percent ($311.20 million) to $16,106.1 million, on a weekly basis as compared with $16,417.3 million recorded on June 11. According to the central bank, the fall came mainly on the back of external debt repayments.
Likewise, foreign exchange reserves held by commercial banks decreased by $18.40 million (-o.26 percent) to $7,150.80 million by the week ended June 11, 2021 as compared with $7,169.2 million a week ago.
According to SBP data, the highest ever foreign exchange reserves, earlier, were recorded at US$ 23,098.5 million in fiscal year 2015-16.
It is important to note that remittances being sent by overseas Pakistani workers increased by 34 percent in May, giving a much-needed boost to the government’s hope to collect up to $29 billion by the end of the current fiscal year. The country received $26.736 billion during the first 11 months (July-May FY21), an increase of 29pc or $6.077bn.
According to State Bank’s data, Pakistan received $2.49 billion in May, compared to $1.865 billion received during the same month of last fiscal year (FY20), an increase of $625 million or 34 percent.
Pakistan borrowed $2.5 billion through Eurobonds on March 30, 2021 by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves. – TLTP