Karachi: The country’s foreign exchange reserves held by the State Bank ofPakistan (SBP) continued to decline on a weekly basis, and fell below $8billion — the lowest level since October 11, 2019.
On August 5, the foreign currency reserves held by the SBP were recorded at$7,830.3 million, down $555 million compared with $8,385.4 on July 29, datareleased by the State Bank of Pakistan (SBP) on Thursday showed.
“Debt repayments are expected to moderate during the next three weeks ofthis month. In fact, around three-fourths of debt servicing for the monthof August was concentrated during the first week,” the SBP said in a briefnotification.
Overall liquid foreign currency reserves held by the country, including netreserves held by banks other than the SBP, stood at $13,561.1 million.
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Net reserves held by banks amounted to $5,730.8 million.