KARACHI: The total liquid foreign reserves of Pakistan slide down to US$ 13,030.8 million while reserves held by the central bank stood at US $ $7,615.4 million in the last week due to the debt repayment, the State Bank of Pakistan (SBP), said in a statement issued here on Thursday.
The statement said that SBP’s reserves decreased by US $ 21 million to US $ 7,615.4 million during the week ended on September 28, 2023.
Meanwhile, the total foreign reserves held by commercial banks in the country stood at US $ 5,415.4 million.
In the earlier week ending on September 22, 2023, the total foreign reserve in the country were recorded as US $ 13.162 billion.
Among them, foreign reserves held by the central bank were $ 7.636 billion whereas as the net foreign reserves held by commercial banks were US $ 5.525 billion.
Decrease in Foreign Reserves
The recent decrease in foreign reserves is due to debt repayment in the context of the bilateral and multilateral agreements. However, the removal of the ban on imports also impacts the flow of dollars outside resulting in the decline of the reserves.
The government is expected an increase of the foreign reserves before December with the hope of funds from the IMF and friendly countries.
