Pakistan foreign exchange reserves decline further

Pakistan foreign exchange reserves decline further

*KARACHI: Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $75 million to $10.1bn during the week ended on May 20. *

According to the central bank’s weekly report, the SBP reserves were recorded at $10,088.6 million, down $75 million compared with $10,163.6 million on May 13.

The central bank attributed the decrease to government external debt payments.

Overall liquid foreign currency reserves held by the country, including net reserves held by banks other than the SBP, stood at $16,149.8 million. Net reserves held by banks amounted to $6,061.2 million.

The federal government on Thursday increased petrol and diesel prices up to Rs30 per litre to reduce fuel subsidies.