Foreign Exchange: SBP reserves fall by $591 million

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State Bank of Pakistan or SBP reserves fall by around $591 million and reached at $7.457 billion on December 21.

SBP reserves fall by $591 million as they are recorded $7.457 billion. However, the holdings of commercial banks increased by $23.8 million to $6.56 billion. On the other side, total liquid reserves of Pakistan recorded at $14.017 billion during the period under review.

Yesterday, SBP revealed that outflows were used for official payments including the external debt servicing.

After Saudi Arabia consented to bailout Pakistan with $6bn package, the UAE additionally declared its expectation to deposit $3bn in SBP. UAE media also revealed about the Abu Dhabi Fund for Development as saying it would store the sum in the near future.

However, tough conditions of IMF loan package are making Pakistan reluctant to accept the program. However, conditions included the rise in energy prices, complete disclosure of the China financial aid, and to implement more taxes.

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