Forex: SBP’s foreign currency reserves fall 1.4% week-on-week

Total liquid foreign reserves, including net reserves stood at $21,795.9m

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.4% week-on-week.

On March 24, the foreign currency reserves held by the central bank were recorded at $16,730.3 million, showing a dip of $230.2 million or 1.4%, compared to $16,960.5 million in the previous week, according to data released by the central bank on Thursday.

The reserves fell on account of external debt servicing.

Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $21,795.9 million. Net reserves held by banks amounted to $5,065.6 million.

Two weeks ago, the SBP received $200 million under the Coalition Support Fund (CSF) from the United States and made payments of $97 million on account of external debt servicing and other official payments.

Earlier, the SBP received $350 million under the CSF and made payments of $62 million for external debt servicing.

In January, the SBP made loan repayment of $500 million to the State Administration of Foreign Exchange (SAFE), China.