Pakistan foreign exchange reserves hit with a big jolt
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*The State Bank of Pakistan (SBP) on Friday shared that the liquid foreign reserves in Pakistan have declined by over $826.9 million during the week ending on July 22. *
According to details shared by the SBP, the total liquid foreign reserves in the SBP stood at $8.57 billion on July 22.
Sharing a break-up of the foreign reserves position, the central bank said that the reserves held by the State Bank of Pakistan stand at US$8.57 billion while commercial banks also have reserves of US$5.83 billion after a decrease of $730.1 million.
According to the data provided by SBP, the total foreign reserves of the country declined by $826.9 million in the week ending on July 22. The reserves currently settle at $14.414 billion.
Earlier on July 14, the International Monetary Fund (IMF) and Pakistan reached a staff-level agreement for the release of US$1.17 billion under the combined 7th and 8th reviews of Pakistan’s Extended Fund Facility (EFF).
A statement issued by the Fund said that the agreement is subject to approval by the IMF’s Executive Board.
