SBP-held foreign exchange reserves fall below $8bn

Foreign exchange reserves held by the State Bank of Pakistan (SBP) decreased by $63 million on a weekly basis, clocking in at $7.95 billion as of February 23, data released on Thursday showed.

Total liquid foreign reserves held by the country stood at $13.04 billion. Net foreign reserves held by commercial banks stood at $5.09 billion.

The central bank cited debt repayments as the reason for the decrease in the foreign currency reserves.

“During the week ended on 23-Feb-2024, SBP’s reserves decreased by US$ 63 million to US$ 7,949.6 million due to debt repayments,” it said.

Last week, Pakistan’s central bank reserves had decreased by $44 million.