Massive Reduction in Foreign Exchange Reserves held by SBP

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Massive Reduction in Foreign Exchange Reserves held by SBP

KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $342 million to $12.35bn during the week ended on 25th of September.

According to the central bank’s weekly report, its reserves dropped to $12,359.7 million. The central bank attributed the decrease to government external debt payments of $311 million.

Detailing the position of the reserves, the SBP said that the overall foreign reserves of the country stood at $19.53 billion. The central bank said that the commercial banks currently held the foreign reserves of $7,175.1 million.

Read More: SBP reserves decline by US$119 million after external debt repayments link

Earlier on September 24, the State Bank of Pakistan (SBP) had announced a decline in foreign reserves of the country by United States Dollar (USD) 119 million owing to external debt repayments by the government during the week ending on 18th of September.