SBP-held forex reserves decrease $691 million due to external debt repayment

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased $691 million on a weekly basis, clocking in at $16.254 billion, showed data released on Thursday.

Total liquid foreign reserves held by the country stood at $22.77 billion on November 19, 2021, stated the SBP. Net foreign reserves held by commercial banks stood at $6.519 billion.

SBP’s reserves decreased mainly due to external debt repayment.

Pakistan has been looking to build its foreign currency reserves on the back of loans, remittances, and higher exports. However, foreign direct investment continues to be an area of concern for policymakers.