Article source: thenewsteller.com

KARACHI: Foreign Reserves held by the State Bank of Pakistan (SBP) has been decreased by $66 million in second week of July, reported by Domestic Markets & Monetary Management Department of Pakistan. SBP: Pakistan Liquid Forex Reserves slashed by $66 million in a week

Pakistan’s forex reserves that started to grew by the end of June 2015 has started to decline again in the month of July 2015. By the end of July 10, 2015, SBP has worth $13,469 million liquid forex reserves as compared to $13,535 million of the previous week that showing a clear slash of 0.5%.

Both SBP and other banks hold reserves of $18,589.9 million in which $5,120.5 million are with other banks. In start of July, SBP’s forex reserves grew by 3.8% because of receipt of $514 million from multilateral and bilateral platforms that included $506 million from the IMF under the Extended Fund Facility.

SBP’s reserves decreased because of payment made by SBP on account of external debt servicing and no major inflow was recorded during the period.

Gary Beal