Foreign exchange: SBP's reserves fall 1.32% to stand at $13.7b

[Ryuzaki]

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.32% on a weekly basis, according to data released by the central bank on Thursday.

On November 10, foreign currency reserves held by the central bank were recorded at $13,677.6 million, down $183.6 million or 1.32% compared to $13,861.2 million in the previous week, according to the central bank.

The decline in reserves has been attributed to external debt and other official payments.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,695 million. Net reserves held by banks amounted to $6,017.4 million.

A few months ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

Earlier, the SBP received $350 million under the Coalition Support Fund (CSF) and made payments of $62 million for external debt servicing.

In January, the SBP made a $500-million loan repayment to the State Administration of Foreign Exchange (SAFE), China.

https://tribune.com.pk/story/1560284/2-foreign-exchange-sbps-reserves-fall-1-32-stand-13-7b/

 

[Chak Bamu]

Its time to let the Rupee slide a bit more to encourage exports. The government should find a way to subsidize exporters just like other countries in the region do. This would be less expensive than a major slide in Rupee's value and more cost-effective than more foreign loans.

 

[volatile]

worst decision ever since our imports of goods are 2X more than exports

Its time to let the Rupee slide a bit more to encourage exports. The government should find a way to subsidize exporters just like other countries in the region do. This would be less expensive than a major slide in Rupee's value and more cost-effective than more foreign loan

 

[Chak Bamu]

worst decision ever since our imports of goods are 2X more than exports

Did you study economics?

Can you tell what would inevitably happen as reserves bleed out?

 

[volatile]

Did you study economics?

Can you tell what would inevitably happen as reserves bleed out?

Yes i do so and as a matter of fact add Commercial banks reserves as well which are close 6 billion US$ also add another 20 Billion US$ in shape of remittances Plus current Govt recently worked with ADB to secure 4-5 Billion US$ for a period of over 25-30 years and major financing will be for projects and machinery not to pay older debts ,rupees is under pressure right but this step is only for incompetents to do or called a simple fix my work is based on practical experience not text books