Forex reserves slump by $110m to $8.04b

ISLAMABAD-Pakistan’s foreign exchange reserves have declined by $110 million to $8.043 billion on account of debt repayments.
“During the week ended on 04-Aug-2023, SBP’s reserves decreased by $110 million to $8,043.4 million on account of debt repayments,” said State Bank of Pakistan on Thursday. The total liquid foreign reserves held by the country stood at $13,339.1 million as of 04-Aug-2023. The break-up of the foreign reserves position shoed that foreign reserves held by the State Bank of Pakistan are $8.043 billion and net foreign reserves held by commercial banks are $5.295 billion.
The SBP in last month had received $ 2.0 billion from the Kingdom of Saudi Arabia, $1.2 billion from the International Monetary Fund (IMF), and $ 1.0 billion from the United Arab Emirates. Consequently, SBP reserves increased by $ 4.20 billion to $ 8.727 billion. Meanwhile, more than $4 billion inflows are in pipeline. The government is now expecting to receive more than four billion dollars in next few weeks from different sources. The government is expecting $1 billion from Islamic Development Bank, $450 million from the World Bank and $250 million from Asian Infrastructure Investment within the ongoing month. The country might receive $300 million to $500 million of Geneva pledges for flood affected areas and $1 billion to $2 billion minimum from UAE commercial banks, which will not be rolled over during the last few month.
Workers’ remittances decline by 7.3 percent 
in July: SBP
The State Bank of Pakistan (SBP) has said that remittances sent home by overseas Pakistani workers declined by 7.3 percent and reached $2.0268 billion in July, a drop of 19.7 percent on a year-on-year basis.
According to the data provided by State Bank of Pakistan (SBP), the inflow of overseas Pakistani workers’ remittances clocked at $$2.0268 billion in July 2023 against $2.51 billion in the same month last year. The SBP data shows, overseas Pakistanis workers in Saudi Arabia remitted $486 million, United Arab Emirates (UAE) sent $315 million, $305.7 million from United Kingdom (UK) and $238.1 million from United States (US).

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