SBP reserves plunge by $244m

SBP reserves plunge by $244m

Staff Report

KARACHI: The foreign exchange reserves held by the State Bank of Pakistan (SBP) fell 1.4 per cent on a weekly basis, according to data released by the central bank on Thursday.
On November 26, the foreign currency reserves held by the SBP were recorded at $16,010.3 million, down $244 million compared with $16,254.1 million on November 19. Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $22,498.8 million. Net reserves held by banks amounted to $6,488.5 million.
Earlier in the week ended on August 27, the foreign exchange reserves held by the central bank soared to an all-time high of $20.15 billion after Pakistan received a general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.