SBP-held foreign exchange reserves decrease $44mn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $44 million on a weekly basis, clocking in at $8.01 billion as of February 16, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.09 billion. Net foreign reserves held by commercial banks stood at $5.08 billion.

The central bank attributed the decrease in the reserves to debt repayments.

“During the week ended on 16-Feb-2024, SBP’s reserves decreased by US$ 44 million to US$ 8,012.8 million due to debt repayments,” it said.

Earlier on 15th February, it was reported that the foreign exchange reserves held by the SBP stood at US$8,056.5 million after an increase of US$13 million as of 9th February 2024.

In a statement, the central bank’s spokesperson said that the country’s total liquid foreign reserves stood at US$ 13,149.1 million during the week ended on 9th February.