Pakistan foreign exchange reserves hit lowest level of last 3 years
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The foreign exchange reserves held by the central bank decreased 6.6 percent on a weekly basis, according to data released by the State Bank of Pakistan (SBP) on Thursday.
On August 5, the foreign currency reserves held by the SBP were recorded at $7.830 billion, down $555 million compared to $8.385 on July 29 due to external debt payments.
The last time SBP reserves went below the $8 billion level was in October 2019.
Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $13.561 billion. Net reserves held by banks stood at $5.730 billion, registering a decrease of $93 million.
In a statement, the central bank said that debt repayments are expected to moderate during the next three weeks of this month.
Adding that, “around three-fourth of debt servicing for the month of August was concentrated during the first week.”