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SBP Reserves Down By $748 Million to 8.24 Billion, Hit Lowest Level Since 2019

byNews Desk
June 24, 2022
in Business, Economy, Finance, Main
Reading Time: 1 min read
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SBP Reserves Down By $748 Million to 8.24 Billion, Hit Lowest Level Since 2019
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The foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by 8.3 percent on a weekly basis, according to data released by the central bank on Thursday.

The State Bank of Pakistan’s foreign exchange reserves have experienced a significant drop in recent weeks, falling from $9.226 billion on June 3 to $8.237 billion on June 17. This decrease is largely due to external debt repayments, and the central bank’s reserves are now at their lowest level since October 25, 2019.

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The State Bank of Pakistan (SBP) has announced that its foreign exchange reserves are expected to increase in the coming days, following the receipt of proceeds from a loan from the China Development Bank (CDB).

Overall, the country’s liquid foreign currency reserves (including net reserves held by banks other than the SBP) currently stand at $14.210 billion. Of this amount, net reserves held by banks amounted to $5,972 billion.

Tags: China Development BankEconomyforeign exchange reserveslatestSBP
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A source of economic, political, business, finance, health and sports updates.

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