The foreign exchange reserves held by the State Bank of Pakistan (SBP) have declined once again, according to the latest data released by the central bank on Thursday.
SBP Reserves Drop by $76 Million
As of January 24, SBP’s foreign currency reserves stood at $11.372 billion, marking a decrease of $76 million from $11.449 billion recorded on January 17. The central bank attributed this drop to external debt repayments.
Bank Reserves Also Decrease
In addition to the decline in SBP reserves, net reserves held by commercial banks also fell to $4.68 billion, down $62 million from $4.741 billion recorded last week.
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Total Foreign Currency Reserves Stand at $16.052 Billion
The total liquid foreign exchange reserves held by the country, which include SBP reserves as well as commercial bank reserves, dropped to $16.052 billion, reflecting a weekly decline of $137 million.
Reserves Under Pressure
Last week, SBP reserves fell by $276 million, continuing a downward trend. The reserves have remained under pressure in recent weeks, especially after surpassing the $12 billion mark in late November last year.
