KARACHI: Foreign Reserves held by both State Bank of Pakistan (SBP) and other banks have been decreased by $465 million in total, reported by Domestic Markets & Monetary Management Department of Pakistan.
Pakistan’s forex reserves value in the month of May 2015 was not satisfactory. From May 1, 2015 to May 19, 2015, reserves value have decreased gradually. At present, forex reserve are at $17,208.5 million for the week ended on May 29, 2015 as compared to $17,494.2 million of the previous week ended on May 22, 2015. This figure is also lower than the reserves of $17,687 million of the previous month ended on April 30, 2015.
During the week ended on May 29, 2015, SBP’s forex reserves decreased by 3.12% and of other banks decreased by 1.85%.
The forex reserves of both SBP and banks have decreased in the last week. Total reserves with SBP are $11,913.2 million as compared to $12,284.4 million of the previous week while bank have total reserves of $5,115.3 as compared to $5,209.8 million of the previous week. 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.