SBP reserves down by $170m, stand at $7.2bn

The total liquid foreign reserves held by the country stood at $13.8 billion on 28 December 2018.

As per the notification issued by the State Bank of Pakistan, the foreign reserves held by the central bank stood at $7.2 billion, while net foreign reserves held by commercial banks stood at $6.5 billion.

During the week under review, SBP’s reserves decreased by $170 million due to external debt servicing and other official payments.

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The falling reserves raise concern about Pakistan’s ability to meet its financing requirements. Earlier, Saudi Arabia provided financial assistance to Pakistan, which pushed the reserves above the $8-billion mark, however, they later started falling again.

Moreover, the third $1-billion loan tranche from the kingdom is expected to arrive this month. Separately, Chinese has agreed to provide much-needed support for the fast depleting reserves.

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