SBP's reserves fall below $17 billion again

Reserves decline 1.03%, amount to $16,850.8 million

KARACHI: After moving past the $17-billion mark during the previous week, foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.03% to fall to $16,850.8 million.

Owing to debt payments and loans, reserves declined for three consecutive weeks, increasing only last week.

On February 24, foreign exchange reserves held by the State Bank of Pakistan (SBP) were recorded at $16,850.8 million, a decrease of $177 million or 1.03%, according to data released by the central bank on Thursday.



Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, now stand at $21,822.6 million. Net reserves held by banks amounted to $4,971.8 million.

Two weeks ago SBP's reserves declined on account of government debt and other payments.

Over a week ago, the SBP made loan repayment of $500 million to the State Administration of Foreign Exchange (SAFE), China.