Country's foreign exchange reserves fall US$627m
On September 13, Pakistans foreign exchange reserves had dropped by US$300 million
Karachi(Dunya News) – Foreign exchange reserves of State Bank of Pakistan (SBP) dropped by US$627 million to US$8.049 billion on Thursday.
Overall Pakistan’s foreign exchange reserves reached US$14.893 billion with reserves at other banks remaining unchanged at US$6.485 billion.
According to the central bank, reserves fell due to external debt servicing and other official payments.
On September 13, Pakistan’s foreign exchange reserves had dropped by US$300 million.
As per the details, the country’s foreign exchange reserves stood around $16.070 billion, whereas, the central bank’s reserves declined $261 million to $9.624 billion.
The foreign exchange reserves held by other banks have also droped by $39 million to $6.446 billion.
On September 29, the State Bank increased the target policy rate by 100 basis points to 8.5 percent effective from October 1, 2018. The increase was implemented to further consolidate efforts required to ensure macroeconomic stability, the central bank said in a statement.
