SBP reserves stay above $8bn despite $1bn bond payment

The State Bank’s foreign exchange reserves remained above $8 billion during the week ending April 12. “During the week, SBP has executed the repayment of $1bn maturing Pakistan’s International Bond (principal plus interest),” said the SBP press release issued on Thursday. It was encouraging for the financial market that despite the payment of $1bn, the SBP reserves remained intact at $8bn. So far, no foreign inflow has been noted in the central bank’s accounts after the payment of $1bn. The SBP reserves increased by $14.4m during the week. The country’s total reserves were $13.373bn including $5.319bn held by the commercial banks.