Foreign exchange: SBP's reserves fall 1.32% to stand at $13.7b

Decline due to external debt and other official payments

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased 1.32% on a weekly basis, according to data released by the central bank on Thursday.

On November 10, foreign currency reserves held by the central bank were recorded at $13,677.6 million, down $183.6 million or 1.32% compared to $13,861.2 million in the previous week, according to the central bank.

The decline in reserves has been attributed to external debt and other official payments.



Total liquid foreign reserves held by the country, including net reserves held by banks other than the SBP, stood at $19,695 million. Net reserves held by banks amounted to $6,017.4 million.

A few months ago, foreign currency reserves increased due to official inflows including $622 million from the Asian Development Bank (ADB) and $106 million from the World Bank.

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

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