Foreign exchange: SBP reserves fall $249m to $19.3b

[Norwegian]

Foreign exchange: SBP reserves fall $249m to $19.3b
Central bank gives no reason for the drop


Our Correspondent September 30, 2021

PHOTO: FILE
KARACHI:
The foreign exchange reserves held by the central bank fell 1.27% on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On September 24, the foreign currency reserves held by the SBP were recorded at $19,294.5 million, down $249 million compared with $19,543.4 million recorded on September 17.
The central bank cited no reason behind the decrease in the reserves.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $26,150.8 million. Net reserves held by banks amounted to $6,856.3 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 general allocation of Special Drawing Rights (SDRs) worth $2,751.8 million from the International Monetary Fund (IMF) on August 24.
On March 30, 2021, Pakistan borrowed $2.5 billion through Eurobonds by offering lucrative interest rates to lenders aimed at building the foreign exchange reserves.
It received the first loan tranche of $991.4 million from the IMF on July 9, 2019, which helped bolster the reserves. In late December 2019, the IMF released the second loan tranche of around $454 million.
The reserves also jumped on account of $2.5 billion in inflows from China. In 2020, the SBP successfully made foreign debt repayment of over $1 billion on the maturity of Sukuk.
In December 2019, the foreign exchange reserves surpassed the $10 billion mark owing to inflows from multilateral lenders including $1.3 billion from the Asian Development Bank (ADB).

Foreign exchange: SBP reserves fall $249m to $19.3b | The Express Tribune

Central bank gives no reason for the drop

tribune.com.pk

Thank you Shaukat Tareen!

@Patriot forever @FOOLS_NIGHTMARE @ziaulislam @Dual Wielder @blueazure @farok84 @Verve @koolio

 

[FOOLS_NIGHTMARE]

Thank you Shaukat Tareen

Piyaray Bhai no need to thank any rental specialists. The cure to our economic woes lies in Collective Wisdom, National harmony, Charter of Economy and no interference in any civilian matters. This country belongs to all of us and not one party. If non of the above are workable then it's time to call for an early election.

 

[koolio]

Personally I don't like Shaukat tareen, I think Hafeez sheikh did a far better job, but having said that, it will take time for the economy to get better considering Pakistan is still dealing with Corona pandemic.

 

[Sal12]

This is IK for you. IK will take such a long time to realize that Shaukat Tareen is not suitable for the job. Actually there is good possibility that IK will never realise this since Buzdar is still CM. The PKR is devaluated from 152 to 170 in few months is not acceptable.

IK a highly egoistic person without any brain in his skull.

 

[Norwegian]

This is IK for you. IK will take such a long time to realize that Shaukat Tareen is not suitable for the job. Actually there is good possibility that IK will never realise this since Buzdar is still CM. The PKR is devaluated from 152 to 170 in few months is not acceptable.

IK a highly egoistic person without any brain in his skull.

Personally I don't like Shaukat tareen, I think Hafeez sheikh did a far better job, but having said that, it will take time for the economy to get better considering Pakistan is still dealing with Corona pandemic.

If non of the above are workable then it's time to call for an early election.

And get Darnomics again?

 

[HammerHead081]

Shaukat Tareen did good amount of damage by letting GDP go over 4% growth rate and letting CAD go wild which resulted in rupee getting more devalued and SBP reserves falling now trying to recover it. Terrible minister just like all other ministers in current govt.

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And get Darnomics again?
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And the spammer is back, why are you allowed to spam this much on every economic thread... you are just ruining the quality of forums.

 

[Zibago]

Piyaray Bhai no need to thank any rental specialists. The cure to our economic woes lies in Collective Wisdom, National harmony, Charter of Economy and no interference in any civilian matters. This country belongs to all of us and not one party. If non of the above are workable then it's time to call for an early election.

Why not call for a civil war instead lets end this once and for all

This is IK for you. IK will take such a long time to realize that Shaukat Tareen is not suitable for the job. Actually there is good possibility that IK will never realise this since Buzdar is still CM. The PKR is devaluated from 152 to 170 in few months is not acceptable.

IK a highly egoistic person without any brain in his skull.

So a better alternative is to subsidize consumption and throw reserves into the market just for few months of cheap consumption ?

 

[Sal12]

Why not call for a civil war instead lets end this once and for all

So a better alternative is to subsidize consumption and throw reserves into the market just for few months of cheap consumption ?

So is there any limit for devaluation. You will be giving the same excuse even if PKR is 1000. Reduce the imports and PKR will be bit stable like previous finance minister did.

 

[Turingsage]

But they just received another loan from £387 million from the WB yesterday. and Paris club's $11.5 billion loan deferred the deadline payment AGAIN.

 

[Zibago]

So is there any limit for devaluation. You will be giving the same excuse even if PKR is 1000. Reduce the imports and PKR will be bit stable like previous finance minister did.

Commodity super spike has caused problems all over
This winter will be brutal but things will get better as oil production picks up and prices normalize as for limit for devaluation set by the government the only way to do that now would be to burn reserves for subsidized consumption which will only do us more harm

 

[Sal12]

Commodity super spike has caused problems all over
This winter will be brutal but things will get better as oil production picks up and prices normalize as for limit for devaluation set by the government the only way to do that now would be to burn reserves for subsidized consumption which will only do us more harm

Do you net get tired of giving the same excuses over and over again. We all now the PKR has devaluated to 172 because Shaukat Tareen has relaxed the imports which were discouraged under Abdul Hafiz. As a result in few months, the PKR has lost 10% of its value. Even Shaukat Tareen has accepted in TV program that relaxing imports was his mistake.

This is Pak who keeps paying the price of incompetency of IK while you keep justifying his incompetency no matter how shameful this is.

 

[Zibago]

Do you net get tired of giving the same excuses over and over again. We all now the PKR has devaluated to 172 because Shaukat Tareen has relaxed the imports which were discouraged under Abdul Hafiz. As a result in few months, the PKR has lost 10% of its value. Even Shaukat Tareen has accepted in TV program that relaxing imports was his mistake.

This is Pak who keeps paying the price of incompetency of IK while you keep justifying his incompetency no matter how shameful this is.

The bulk rise in import bill is because of rising commodity price what he said on tv is about imports that wont tip the bill as much as people think it would

Pakistan's trade deficit widens by 32.9 per cent in fiscal 2021

The country is burdened by high inflation, rising food prices, raised electricity charges

wap.business-standard.com

One only has to look at import data to see what caused such a spike

 

[ziaulislam]

Piyaray Bhai no need to thank any rental specialists. The cure to our economic woes lies in Collective Wisdom, National harmony, Charter of Economy and no interference in any civilian matters. This country belongs to all of us and not one party. If non of the above are workable then it's time to call for an early election.

Agree no interference
Let the civilians bank rupt the country and let them carry money like ayyan ali and asharf ghani

But please dont call the military when u do so

Because its always the military be it lebanon(where hirari left with money in yatches with russian model or pakistan(london/dubai) military is always left with mess to pcik up

 

[Turingsage]

But please dont call the military when u do so

The Military take over when they smell billions of free dollars and arms on some Western foreign adventure where Pakistan's participation is neccesary

It is the Military that chooses the civilian face to project the Democratic face in order to deal with the economy/trade with the world, when free dollars have disappeared.

They take over when they smell free dollars and arms from some Western foreign adventure where Pakistans use is neccesary

 

[Norwegian]

Do you net get tired of giving the same excuses over and over again. We all now the PKR has devaluated to 172 because Shaukat Tareen has relaxed the imports which were discouraged under Abdul Hafiz. As a result in few months, the PKR has lost 10% of its value. Even Shaukat Tareen has accepted in TV program that relaxing imports was his mistake.

This is Pak who keeps paying the price of incompetency of IK while you keep justifying his incompetency no matter how shameful this is.

It is the Military that chooses the civilian face to project the Democratic face in order to deal with the economy/trade with the world, when free dollars have disappeared.

They take over when they smell free dollars and arms from some Western foreign adventure where Pakistans use is neccesary

Ayub, Zia, Musharraf coups came long before the West needed their aid, Indian supporter of Nawaz Mafroor