The foreign exchange reserves held by the central bank decreased by another5.5 percent on a weekly basis, according to data released by the State Bankof Pakistan (SBP) on Thursday.
On February 3, the foreign currency reserves held by the SBP were recordedat $2.916 billion, down $170 million compared to $3.086 billion on January27. The central bank reserves are currently at their lowest since February2014.ALSO READ
Overall liquid foreign currency reserves held by the country, including netreserves held by banks other than the SBP, stood at $8.539 billion. The netreserves held by banks stood at $5.656 billion, registering a decrease of$34 million during the week.
The SBP said in a statement that the decline in reserves on a weekly basiswas due to external debt repayments.
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According to Arif Habib Limited, the current reserves are enough for importcover of fewer than 0.58 months (approximately 17 days). The reserves heldby the central bank have declined by $2.6 billion since the start of thecurrent calendar year.
