KARACHI – The State Bank of Pakistan (SBP) on Thursday reported a dip of$230.9mn in its foreign exchange reserves, because of the external debtservicing and other payments.
In a data released by the central bank in its weekly report, the reservesheld by the SBP stood at $7.4bn whereas the forex reserves available withthe commercial banks were at $6.54bn level.
Earlier on January 3, the SBP in its weekly had also reported a decline of$170 million, primarily because of payments in lieu of external debts andother payments including imports.
Pakistan is struggling to meet its debt-service requirements and is facinga balance-of-payments crisis which has resulted in a rapid decline of thereserves.
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However, the situation is expected to improve soon as the United ArabEmirates (UAE) has finalised a financial package for Pakistan worth $6.2bn,while a $1bn tranche from Saudi Arabia is likely to be released in themonth of February.
