Pakistan’s total liquid foreign reserves fall to $14.99 billion: SBP – Business

On October 4, the country's total liquid external reserves amounted to $ 14.992 billion, a press release issued by the State Bank of Pakistan said on Thursday.

During the week ending September 27, the country's total reserves were reported at $ 15.003 billion.

The central bank's own reserves recorded an increase of $ 16 million to reach $ 7.76 billion during the week ending October 4, the brochure added.

According to a break in the foreign reserves position provided by SBP:

1. Foreign reserves held by the State Bank of Pakistan – $ 7.757bn
2. Net foreign reserves held by commercial banks: $ 7.235 billion
3. Total liquid external reserves – $ 14,992bn

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Decrease of remittances

The central bank also reported a decrease in remittances sent by Pakistanis abroad in the first three months of fiscal year 2019-20.

"Pakistani workers abroad remitted $ 5,478.11 million in the first three months (July to September) of fiscal year 20, compared to $ 5,557.61 million received during the same period last year," the SBP statement said.

However, the central bank observed that during September, remittances amounted to $ 1,747.95m, 3.4{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} more than August and 17.6{7be40b84a6a43fc4fae13304fce9a2695859798abfc41afd127b9f8b21c5f9c5} more than the amount received in September 2018.

Entries by country in September show that remittances from Saudi Arabia amounted to $ 420.88 million compared to $ 360.16 million in September 2018 and UAE figures were $ 363.34 million compared to $ 308.13 million.

Of the US $ 281.91 million, compared to $ 240.49 million, from the United Kingdom $ 264.89 million compared to $ 216.75 million and from GCC countries (including Bahrain, Kuwait, Qatar and Oman) $ 162.77 million compared to $ 134.49 millions.

EU remittances in September were $ 53.20 million compared to $ 41.14 million last September.

"Remittances received from Malaysia, Norway, Switzerland, Australia, Canada, Japan and other countries during September 2019 amounted to $ 200.95 million together compared to $ 185.31 million received in September 2018," the statement said.