KARACHI: Foreign exchange reserves decreased $26 million to $14,107 millionin the week ending Dec 29, compared to $14,133 million in the previousweek, the State Bank of Pakistan said on Thursday.
The reserves decreased due to payments on account of external debtservicing and other official outflows, added SBP.
Earlier in December, the SBP received $2.5 billion earned from the issuanceof euro and Sukuk bonds.
The country had also raised $1 billion in a five-year Sukuk and $1.5billion in ten-year Eurobond transactions in a separate issuance the samemonth.
The rupee was devalued in December, following which the InternationalMonetary Fund (IMF) mission to Pakistan welcomed the State Bank’s move toallow the currency exchange rate to adjust to market conditions. Thelending body also called for a “continued exchange rate of flexibility inthe period ahead”.
IMF DirectorHarald Finger had said the exchange rate adjustment would helpsupport Pakistan’s exports and economic growth..