Foreign exchange reserves held by the State Bank of Pakistan (SBP) fell by $63 million on a weekly basis, amounting to $9.09 billion as of May 24, according to data released on Thursday.
The country’s total liquid foreign reserves stood at $14.31 billion, with net foreign reserves held by commercial banks at $5.22 billion.
The central bank attributed the decrease in foreign currency reserves to external debt repayments.
“During the week ended on May 24, 2024, SBP reserves decreased by $63 million to $9.0937 billion due to external debt repayments,” stated the SBP.
In contrast, Pakistan’s central bank reserves had increased by $22 million the previous week.
Earlier this month, SBP reserves surged by $1.114 billion, surpassing the $9 billion mark for the first time in nearly two years. This increase was driven by the receipt of the last tranche of $1.1 billion from the International Monetary Fund (IMF) under its $3 billion Stand-By Arrangement.
